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THIRD-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges different prices to groups that are differentiated by an easily identifiable characteristic, such as location, age, sex, or ethnic group. This is the most common type of price discrimination. This is one of three price discrimination degrees. The others are first-degree price discrimination and second-degree price discrimination.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 11 of 25

Topic: A Range Of Values <=PAGE BACK | PAGE NEXT=>

  • A quick and dirty estimation of elasticity for a price increase from 10 cents to 11 cents is - 1.

  • An estimate of elasticity using the midpoint formula, however, results in a value of - 1.105.

  • This difference makes me wonder what's going on?

  • A QUICK ANSWER:

  • The price elasticity of demand (ignoring the negative sign) is small for a low price and large quantity, then increases as the price rises and quantity declines.

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AVERAGE REVENUE, MONOPOLISTIC COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for the last item on a shelf.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

AR(N)
A nth-order Autoregressive Process
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