How can machine learning help a company achieve perfect, first-degree price discrimination (each...
Question:
How can machine learning help a company achieve perfect, first-degree price discrimination (each customer is charged their maximum price they are willing to pay for the same product)?
Price Discrimination:
Price discrimination is the legal practice of charging different prices to different consumers based on their willingness to pay. There are three classes of price discrimination: first degree, second degree, and third degree.
Answer and Explanation: 1
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View this answerFirst-degree price discrimination (also known as perfect price discrimination) is the practice of charging all consumers exactly what they are willing...
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Price Discrimination: Definition, Types & Examples
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Chapter 3 / Lesson 53
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Read a price discrimination definition, understand the types of price discrimination, learn about the three degrees of price discrimination, and explore examples.
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