For each quantity of tutoring sessions he could give, fill in the Total Revenue column in the following table with the most total revenue he could earn at each quantity of sessions. Then, complete the table by computing the marginal revenue at each quantity of tutoring sessions. Students (Sessions per week) 0 1 2 3 4 5 6 7 8 9 Willingness to Pay (Dollars per tutoring session) 40 38 36 34 32 30 28 26 24 Total Revenue (Dollars per week) 0 40 76 108 136 160 180 196 208 216 Marginal Revenue (Dollars per tutoring session) If Nick has to charge a single price to all of his students, he will maximize his profit by giving number, which is 3 tutoring sessions. If Nick can practice perfect price discrimination, he should give 4 tutoring sessions. 40 36 32 28 24 20 16 12 8 tutoring sessions. This is 2 than the efficient Now suppose Nick cannot practice perfect price discrimination, but he is able to find a hurdle that identifies the group of students who are willing to pay at least $34 for a tutoring session (the "list price" submarket), and those who are not (the "discount price" submarket). In order to maximize his profit under this pricing scheme, he should charge 5 in the list price submarket and 6 in the discount price submarket.

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.