pricing policies

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1、18PricingPoliciesLearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}Definepricediscriminationandtheconditionsnecessaryforpricediscriminationtobesuccessful.}Identifyvariouswaysthatafirmcanpricediscriminate.}Describetheoutcomeofperfectpricediscriminationanditswelfareeffects.}Identifyamonop

2、olist’sprofit-maximizingpriceswhenitcandiscrimi-natebasedonobservablecustomercharacteristicsandcalculatethewelfareeffectsofthatdiscrimination.}Understandhowpricingbasedonself-selectioncanincreaseafirm’sprofit.n1989Intelintroducedanewandimprovedgenera-Itionofmicroprocessorscalledthe486.Amongitsotherinnov

3、ativefeatures,the486wasthefirstmicroproces-sortoofferabuilt-inmathcoprocessorcapableofhan-dlingcomplexnumericalcalculations.Twoyearslater,Intelintroducedanothernewchipcalledthe486SXandrenamedtheoriginalthe486DX.TheSX,whichwaslesspowerfulthantheDX,wastargetedatpurchasersoflower-endcomputers.Intelprodu

4、ceditbydisablingthemathcoprocessorofanotherwisefullyfunctional486DX.Asaresult,thelesspowerfulSXactuallycostmoretoproducethanthemorepowerfulDX.Nonetheless,IntelpricedtheSXatjust$333,comparedto$588forthe486DX.WhywouldIntelspendmoneytodisablea486DX,AnIntel486SXchipwhichsoldfor$588,inordertomarketitasan

5、SXat$333?664ber00279_c18_664-700.indd664CONFIRMINGPAGES10/22/073:16:19PMChapter18PricingPolicies665Aswe’llseeinthischapter,thisseeminglyillogicaldecisionallowedInteltoextractprofitfromlower-endcustomerswithoutsacrificingprofitfromhigher-endcustomers.Asaresult,Intelearnedhigherprofitsthanitwouldhavebycon

6、tinuingtomarketasingle486processoratthemonopolyprice.Inthischapterwe’llstudythepricingtacticsthatfirmslikeIntelusetoincreaseprof-itsbeyondthelevelsattainableatasinglemonopolyprice(seeChapter17).We’llcoverfivetopics:1.Pricediscrimination:pricingtoextractsurplus.Undercertainconditions,afirmwithmarketpowe

7、rcanincreaseitsprofitbychargingdifferentpricesfordifferentunitsofthesamegood,apracticeknownaspricediscrimination.We’llidentifytheconditionsrequiredforsuccessfulpricediscrimination,anddiscussdifferentwa