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Managerial Economics: Problem Set 2CRN 10948 - ECON 205 A01Pascal CourtyUniversity of VictoriaRead the course outline policies and expectations Answers should be typed. State your result/conclusion and the logic for how you got there. Use the course concepts. Keep your answers short. There is a word constraint of 1000 words for your answers. Minicase: The Price of Gas at the Pump (45pts, 15 each)No need to collect additional information to answer the questions.(1) Is the retail gas price a competitive market? Discus by order of importance the various elements you have to take into account in your answer. (2) Give 2 examples of how gas stations apply price discrimination.(3) In which local markets would you expect collusion (firms agreeing on price) to bean issue? Exercise 1: Price discrimination (25 pts 10-10-5)You sell two products (low and high end versions) to two consumers (a student and a business person). The student values the low end $10 and the high end $12.
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