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What is price discrimination?
Price discrimination is a term used in microeconomics in order to study pricing strategy of similar goods at different rates. Under this strategy, large quantities of similar products or services are entitled in different pricing by the same vendor. The definition can be explained in detail if you register for first-degree price discrimination assignment help.
What is first-degree price discrimination?
First-degree price discrimination is also termed as primary or perfect price discrimination. Under this section, as the survey is concluded by the monopoly seller in the market. This survey is conducted to calculate the figure of reservation price or one say that to know the exact maximum price that a consumer is willing to pay for that particular product.
Students must consider this concept by the mind games played by a seller. In order to achieve a better mindset on the same, you can register for first-degree price discrimination homework help under our expert team.
Once the seller knows the reservation price of the consumers, they will tend to sell their products under the maximum reservation price which a consumer is willing to pay for that particular product. In this way, the monopoly seller in the market will switch the consumer surplus into their own generated revenues. And the profit of the seller will be calculated as the sum of producer surplus and consumer surplus.
Under this strategy, the producer or monopoly seller will produce more quantities of this particular product in order to receive better profits that will include no discrimination in price. In this way, he will achieve no deadweight losses under his manufacturing and production measures.
This type of price discrimination is common in retail markets include food and chemical industries. Students must understand this strategy is peculiar in calculating economic measures in the long run. And if you are facing troubles to understand the same, register with our first-degree price discrimination assignment help and achieve better knowledge on the same topic.
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