Buy custom Elaborate on what is required before a firm can perfectly Price Discriminate
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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1355 |
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Some products listed by Stewart, (2003) are ruled out from resale due to the fundamental nature of the product such a haircut or meal, but other products that are not need to have restrictions made by the firm.
Table 1 - Willingness to pay
Individual 1 Individual 2 Individual 3
Students 5 4 3
Teachers 9 4 1
According to Figure 1 in the Stewart (2003) article (shown above), if the firm used uniform pricing, the profit-maximising point would be ?pm' which is related to the output ?Qm' and would therefore generate a profit equal to the area ?vxyw' which equates to the total amount of producer surplus earned...
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Producer surplus is defined by Stewart, (2003:1) as:
"The difference between the actual price of a good and the minimum amount at which a firm would be willing to supply it."
The marginal cost is represented by the line MC on figure 1 of Stewart's article which is also the same as the average cost...
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