Personalised pricing is where firms charge different customers different prices for the same or similar product.This is due to variations in their willingness to pay (WTP) rather than any differences in the costs of supply (i.e. retailers passing on lower costs of delivering to local consumers). With personalised pricing, consumers with a higher WTP pay a higher price and vice versa.
You can find answers to the questions in this article at www.hoddereducation.co.uk/economicreviewextras
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe