Consumer theory, Microeconomics, Demand
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Consumer theory, Microeconomics, Demand

555001

  • College
  • 1004

Short excerpt:

The strategy of price discrimination is the policy in which customers are grouped on the basis of some criteria and different prices are fixed for each group for the same product or service. This strategy is followed to increase the profit. There are two groups in the town one group is that of local people and other is that of visitors to town. By increasing the price for the visitors by 25 than that of local people revenues can be increase tremendouslyWhen a law restricts the seller to charge any product or service to a certain limit and not beyond that, it is called the price ceiling. It means the amount of maximum money one can charge for providing a product or service.

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