Hello, I need some clarity on this queston. If you can explain briefly how you got your answers that will be very helpful. **Price Discrimination: Types and Examples**For each example, select the type of price discrimination that is being used.1. **A firm charges each consumer their reservation price:** - **Type:** First-degree price discrimination2. **A tennis pro charges $15/hour for lessons for children and $30/hour for lessons for adults:** - **Type:** Third-degree price discrimination3. **Amazon Prime charges $12.99/month plus the price of all goods purchased:** - **Type:** Two-part tariff4. **A firm charges only $0.25 more for a large soda than a small soda:** - **Type:** Second-degree price discrimination5. **A firm charges more for electricity used during the day than at night:** - **Type:** Intertemporal price discriminationThese examples illustrate how businesses apply different pricing strategies based on consumer characteristics and buying behaviors.

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Answered: For each example, select the type of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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