Explain the different types of price discrimination. Then identify a real-world example of price discrimination (preferably not one from the unit lesson), and explain which type of price discrimination it is. Next, using the good from your own chosen price discrimination as an example, illustrate how the good fits the criteria necessary for successful price discrimination. Finally, discuss how the price discrimination example leads to an increase in total benefit to society. Include in your discussion an evaluation of the effects on people paying the higher price and the effects on people paying the lower price.
ANSWER THE ABOVE QUESTION AND THEN REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTIONS AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 150 WORDS EACH)
The main types include perfect or degree, second-degree, and third-degree.
The perfect price discrimination degree happens when a business can accurately determine what each customer is willing to buy a selected product and selling that good at that price.
Second-degree price discrimination is the ability to collect information on every potential buyer who is not present hence prices of products and services supported the preference of varied groups of consumers.
The third-degree price discrimination is when companies price products and services differently supported demographic of subsets of its consumers base.
An example of a real-world problem is Airline travel. Mostly most airlines use the inter-temporal pricing this is often where they aim for the price-sensitive and insensitive consumers. Standards used are that Airlines have market power, they even have differences in demand and lastly, the Airline has the power to stop the resale or arbitration of their service.
Airline travel has benefits to society like in times of price-insensitive people can travel the maximum amount as they need due to the worth discounts offered and it increases profits.
When people pay higher prices for products and services, they demand those goods decreases while supply increases while when people pay lower prices the demand increases while supply decreases.
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