A cliché that sums up the concept of diminishing marginal returns/increasing marginal costs is: Question 8...

A cliché that sums up the concept of diminishing marginal returns/increasing marginal costs is:

Question 8 options:

Question 33 (5 points)

Which of the following are examples of price discrimination (select all that apply):

Question 33 options:

	A restaurant charges "senior citizens" 15% percent lower prices than other customers.
	An airline charges more for first class seats than for economy class seats.
	An online retailer charges different prices based on shipping costs.
	A theater charges lower prices for matinees (movies shown during the day) than for movies shown in the evening.

You can't have you cake and eat it too.

Expert Solution

Diminishing marginal returns means that the utility from a good keeps declining as you consume an additional unit of the good. Your utility will decline from each additional burger you eat after the first unit (even if it is your favorite food)

Q.33)

A restaurant charging lower prices for senior citizens is an example of price discrimination as the same product is being sold at different prices.

An airline charging more for first-class than economy class is an example of price discrimination. This is a form of group discrimination where the business is divided into multiple groups, but all consumers within a group are charged the same price

An online retailer selling at different prices due to differences in shipping cost is not an example of price discrimination. This is product differentiation as the cost structure is changing for different buyers.

A theater charging lower prices day shows than night is an example of price discrimination.It is an example of product versioning, selling slightly different products/services for price discrimination

Rahul Sunny answered 8 months ago

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