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분야
docxⅡ. Second-degree Price discrimination
Ⅲ. Third-degree Price discrimination
Ⅳ. Bundling
Third-degree price discrimination occurs when the monopolist determines the different price for the same production. If two different markets exist in the same production, the monopolist sets the different price according to the elasticity of the markets.
In other words, it means that the monopolist set a low price in the market which has the high-elastic demand curve, while set a high price in the market which has the low-elastic demand curve.
One example about this may be a discount for students in economic-newspaper subscription fee. Elasticity of general subscribers in these economic newspaper subscriptions is very low, but students have very high elasticity in a newspaper subscription. Therefore, the newspaper company impose low subscription fee (6,000won) for the students, while impose high fee (12,000won) for the general subscriber.
As you can see from the graph, the newspaper company divides into 2 markets depending on the demand curve of the subscribers. The factor that the company could divide the market is that the position of student acts as an obstacle between the 2 markets. By adding the split demand curves horizontally, we can draw the market-MR curve. Then, we determine the point of the MC where MR = MC, and this point of MC is equally applied to students and general subscriber.
Finally, in the point where MC meets MR produced by each demand curve of the graph, the company determine the quantities in 2 markets and set the differentiated prices according to the quantities. By these processes, the newspaper company can maximize profits.
Ⅳ. Bundling
Bundling is a practice of putting two or more separate products together and selling them together as a single unit and price. Bundling is done when the producer or seller expects to earn more profit when selling products as a bundle rather than at individual prices. In terms of economic effects, bundling possesses reduced dispersion of willingness to pay and increased barriers to entry.
