By Michael Rushton
With approximately 1/2 all income for non-profit arts agencies within the usa coming from earned revenue instead of donations and country investment, the problem of pricing is paramount to luck within the arts undefined, but pricing isn't really coated in any latest textbooks. How may still costs vary among usual and top class seating? How a lot of a coupon in admission might be provided via club or season subscription? while does it make experience to associate with firms to supply discounts?
Arts managers, even if operating within the appearing arts, museums or fairs, and no matter if within the advertisement, non-profit, or kingdom quarter, want to make expert judgements at the costs they set. This available textual content presents the 1st concise, functional, non-technical advisor for environment costs within the arts undefined.
Offering a realistic creation to pricing, this ebook is ideally suited to scholars learning arts administration /administration in addition to new managers operating within the artistic and cultural industries.
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Example text
Similarly, the dictator would not advise producing an amount less than N, because if that were the case there would be a missed opportunity; the production of a few more units would bring greater marginal benefits than the marginal 22 Preliminaries cost of producing them. So amount N gets the production level just right for maximizing the total benefits of producing this good. In the next chapter we look at the specific case of a seller setting just a single price. We will find that it is generally the case that total surplus will not be maximized, and that the quantity of the product sold is less than the level where marginal benefits to consumers equal the marginal cost of selling to them.
If you don’t sell in the weak market, and instead try to increase sales in the strong market, you have to cut the higher price by so much that the gain in revenues in the strong market does not cover what you lost by giving up on the weak market. If someone asked a publisher, “Why sell your books at such a low price in A, when they sell for much more in B,” she could answer, “But I am already selling the optimal amount of books in B, at the price where marginal revenue in B equals my marginal cost.
No proof of identity will be called for at the door). So the second issue with direct price discrimination is about which individuals end up with a ticket – it will generally not be the case, as it is with uniform pricing, that all tickets go to those who value them most highly. But it is not always the case that consumers as a whole lose out from direct price discrimination. The economic theory for when consumers as a group gain or lose is very mathematically challenging, but the intuition is clear.