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TopicstobeDiscussed
CapturingConsumerSurplus
PriceDiscrimination
IntertemporalPriceDiscriminationandPeak-LoadPricing
2
Chapter1
TopicstobeDiscussed
TheTwo-PartTariff
Bundling
Advertising
3
Chapter1
Introduction
Pricingwithoutmarketpower(perfectcompetition)isdeterminedbymarketsupplyanddemand.
Theindividualproducermustbeabletoforecastthemarketandthenconcentrateonmanagingproduction(cost)tomaximizeprofits.
4
Chapter1
Introduction
Pricingwithmarketpower(imperfectcompetition)requirestheindividualproducertoknowmuchmoreaboutthecharacteristicsofdemandaswellasmanageproduction.
5
Chapter1
CapturingConsumerSurplus
Quantity
$/Q
D
MR
Pmax
MC
Ifpriceisraisedabove
P*,thefirmwilllose
salesandreduceprofit.
PC
PCistheprice
thatwouldexistin
aperfectlycompetitive
market.
A
P*
Q*
P1
Between0andQ*,consumers
willpaymorethan
P*--consumersurplus(A).
B
P2
BeyondQ*,pricewill
havetofalltocreatea
consumersurplus(B).
6
Chapter1
CapturingConsumerSurplus
P*Q*:singleP&QMC=MR
A:consumersurpluswithP*
B:P>MC&consumerwouldbuy
atalowerprice
P1:lesssalesandprofits
P2:increasesales&andreduce
revenueandprofits
PC:competitiveprice
Quantity
$/Q
D
MR
Pmax
MC
PC
A
P*
Q*
P1
B
P2
7
Chapter1
CapturingConsumerSurplus
Quantity
$/Q
D
MR
Pmax
MC
PC
A
P*
Q*
P1
B
P2
Question
Howcanthefirm
capturetheconsumersurplus
inAandsellprofitablyinB?
Answer
Pricediscrimination
Two-parttariffs
Bundling
8
Chapter1
CapturingConsumerSurplus
Pricediscriminationisthechargingofdifferentpricestodifferentconsumersforsimilargoods.
9
Chapter1
PriceDiscrimination
FirstDegreePriceDiscrimination
Examplesofimperfectpricediscriminationwherethesellerhastheabilitytosegregatethemarkettosomeextentandchargedifferentpricesforthesameproduct:
Lawyers,doctors,accountants
Carsalesperson(15%profitmargin)
Collegesanduniversities
15
Chapter1