Write a Summary (Uniform prices for online music are no way to Essay

Write a Summary (Uniform tolls for online music are no way to maximise profit) - Essay interpreterFor a seller to get more of the economic surplus from a sale, he or she is looking to sell a product for a price very close to the maximum limit that a customer is willing to spend. However, because not everyone has the same price in mind when purchasing a product, it canister be difficult from the sellers point of view to determine the appropriate price. Research carried out by Ben Shiller and Joel Waldfogel found that the uniform price that university students were willing to pay for songs on iTunes was much higher than Apple was actually selling songs for. One workaround for setting the price is for sellers to charge an entry fee and then a very dainty fixed price for each song. This provides benefits for both seller and consumer, as producer surplus can increase considerably and consumer surplus can grow cod to the fact that consumers would buy songs than they would otherwise no t consider at a higher uniform