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PRICE DISCRIMINATION: Charging different prices to different buyers for the same good. This is an age old practice for suppliers who have achieved some degree of market control, especially those with a monopoly. The reason for price discrimination, of course, is higher profit. To be a successful price discriminator you must be able to do three things--(1) have market control and be a price maker, (2) identify two or more groups that are willing to pay different prices, and (3) keep the buyers in one group from reselling the good to another group. In this way, you will be able to charge each group what they, and they alone, are willing to pay.
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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for the last item on a shelf.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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NFS
Not For Sale
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