Business, 15.04.2020 04:19 michaeladkins1979

C. The CEO of Diamond Corp. hires a market research firm to learn more about the characteristics of consumers in the market for diamonds. The report concludes that, among the people who demand diamonds and are willing to pay for them, 7 people have a willingness to pay $650 or more per diamond, 5 people have a willingness to pay between $400 and $649.99 per diamond, and the rest of the people have a willingness to pay of less than $400. The marketing firm also provides one more important piece of information: the 5 people who have a willingness to pay between $400 and $649.99 are all senior citizens (i. e. they are 65 years of age or older). How could the CEO of Diamond Corp. use this information to increase Diamond Corp.’s profits above the level you calculated in part (b)? [TYPE YOUR ANSWER BELOW] The CEO of Diamond Corp. can increase profits by using Price Differentiation.

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