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in this video I'll be explaining what price discrimination is and how business apply the strategy to make a profit in the business world first we need to understand what price discrimination is price discrimination is when a business charges different prices to different customers for same product to maximize profits however they have to meet certain conditions before implementing this strategy the first condition is that business can change the price of product meaning they're not in the perfectly competitive market the second condition is that business are able to identify what the customer is willing to pay for that prodct the third condition is that there must be customer groups with both elastic and elastic demand towards a product price discrimination can be categorized into three degrees first degree is when business charge customers based on the willingness to pay this is the perfect way for business to maximize profit it's also the most difficult poll o

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