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BU / Economics / EC 101 / What is meant by price discrimination?

What is meant by price discrimination?

What is meant by price discrimination?

Description

School: Boston University
Department: Economics
Course: Principles of Economics: Microeconomics
Professor: Edson
Term: Fall 2016
Tags: Microeconomics
Cost: 25
Name: Principle of Microeconomics Chapter 15
Description: These notes cover the lecture in class as well as the assigned reading
Uploaded: 12/10/2016
5 Pages 281 Views 3 Unlocks
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  • Monopoly's Profit: A social cost?
  • Monopoly - higher profit
  • Not a reduction of economic welfare
  • Big producer surplus.
  • small consumer surplus
  • Not a social problem
  • Social Cost = Deadweight Losses

  • Need Average Total cost curve to show profits
  • Las has no effect on Deadweight Losses

  • Price Discrimination
  • Rational Strategy to increase profit
  • can raise economic welfare
  • Business Practice
  •  sell the same good at different prices to different customers
  • Requires ability to separate customers according to their willingness to pay

  • Perfect Price Discrimination: charge each customer their willingness to pay
  • Monopoly firm gets the entire surplus (profit)
  • No dead weight losses

  • Without Price Discrimination
  • Single Price > MC
  • Consumer Surplus
  • Producer Surplus (profit)
  • Deadweight Loss

If you want to learn more check out What process will govern presentation preparation?

Price Discrimination                                                add up We also discuss several other topics like What factors influence social learning?

                                                                        ↗

Q

P

MR

TR

MR=P

1

10

10

10

10

2

9

18

19

9

3

8

24

27

8

4

7

28

34

7

5

6

30

40

6

We also discuss several other topics like How are the huyge influence on how films are made?

Public Policy towards Monopolies

  • Increasing competition with antitrust laws
  • Sherman Act, Clayton Act
  • Prevent mergers
  • Break up Companies
  • Prevent companies from Coordinating their activities Make market less competitive
  • Regulation
  • regulate the behavior of the monopolists
  • Price
  • Common in case of natural monopolies
  • Marginal - cost pricing
  • May be less than ATC
  •  No incentive to reduce costs

Don't forget about the age old question of How do you find deadweight loss?

If you want to learn more check out What are 5 kinds of power play?
We also discuss several other topics like chlh 101 uiuc

                                                        Cannot get rid of all DWL, but can move

price to = ATC (point C)

Lecture - Chapter 15: Monopoly

  • Market Power
  • Alters the relationship between a firm's cast and the selling price

  • Monopoly
  • Charges a price that exceeds marginal cost
  • A high price reduces the quantity purchased
  • outcome: often not beat for society

  • Governments
  • can sometimes improve market outcomes

  • Monopoly: firm that is the sole seller of a products without close substitutes
  • Price maker
  • cause: barriers to entry

  • Barriers to Entry
  • a monopoly remains the only seller in a market because other firms cannot enter the market and compete
  • monopoly resources
  • Government Regulation
  • The production process

  • Monopoly resources: a key resource required for product is owned by a single firm; higher price

  • Government Regulation: government gives a single firm the exclusive right to produce a good

  • Government - created monopolies
  • Patent / copyright laws.
  • Higher Prices
  • Higher Profits

  • Natural Monopoly: a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
  • Economics of scale over the relevant range of output
  • Club Goods: Excludable but not rival in consumption

  • Monopoly
  • Price maker
  • Sole producer
  • Downward sloping demand: the market demand curve

→ why the MR is lower than the demand curve

P = Price of Marginal Unit (last unit sold)

Q = Number of Intra-marginal units (prior)

= how much the firm must lower P in order to sell another unit

Profit Maximization

  • Perfect Competition: P=MR=MC
  • Monopoly: P-MR=MC

The Inefficiency of Monopoly

Chapter 15 : Monopolies

Vocabulary

  • Monopoly: the sole seller of its product and if its product does not have close substitutes
  • Barriers to Entry: a monopoly remains the only seller in the market because other firms cannot enter the market and compete with it
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