Monopoly - Price discrimination - the Logic of price discrimination
4 important questions on Monopoly - Price discrimination - the Logic of price discrimination
What will happen if a monopolist charges every on the same price?
- If it charges every one the high price it would lose a segment of its market
- if it charges a low price it would lose extra profits from those who are willing to pay more
What will happen if the monopolist charges the same price?
- It would like to charge the ones who are willing to pay more extra in order to gain extra profits
- and charge the ones with less willingness to pay a lower price, in order to at least break even with them
What are the two groups of consumers? and how do they differ from each other?
low price elasticity of demand
they differ in their sensitivity to price change
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How should the monopolist charge using elasticity?
high price to those who have a low price elasticity (inelastic) of demand
low price to those who have a high price elasticity (elastic) of demand
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