SHSU Someone Would Have Paid vs What They Paid Analysis: Economics Answers 2021

SHSU Someone Would Have Paid vs What They Paid Analysis: Economics Answers 2021

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SHSU Someone Would Have Paid vs What They Paid Analysis

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Assignment 9 ? A Bundling Example
Here?s a simple numerical example that is meant to illustrate some of the problems
associated with the textbooks bundling case we discussed earlier in the semester. I will ask
you to solve this as a purely bundling problem and find the optimal prices that the firm will
choose, but then I also want to take this one step further and ask you to calculate the
efficiency implications of this on the market. That means you will be asked to calculate the
resulting consumer surplus and total market surplus that will result under each pricing
regime.
So let?s assume that 7 students are looking to purchase Economics and Accounting
textbooks. Furthermore, let?s assume they all have different valuations for these textbooks
with some students willing to pay much more for Economics textbooks than for Accounting
textbooks and vice-versa. There are a multitude of reasons why that might happen ? for
instance students who major in a particular discipline are willing to pay more for the
textbooks directly related to their majors. So let?s assume the following valuations:
Student 1
Student 2
Student 3
Student 4
Student 5
Student 6
Student 7
Accounting Textbooks
120
100
90
80
60
40
10
Economics Textbooks
10
30
70
80
90
100
120
Let?s also assume that an Accounting textbook costs the bookstore $20 to procure and an
Economics textbook costs $10.
Assuming the bookstore is trying to maximize its profits, answer the following questions.
Before you go ahead and say that universities are not for-profit organizations, you need to
realize that a lot of services sold to students on our campus are actually subcontracted by
the university to for-profit companies. The bookstore is actually Barnes and Noble, all the
food courts are actually Aramark, etc.
Questions:
1. Assuming the bookstore is using individual pricing, what will be the prices chosen
for Accounting and Economics textbooks, respectively? What will be the resulting
profit, student surplus, and total surplus (profit+student surplus)?
2. Assuming a pure bundling strategy, what will be the price of the bundle and the
resulting profit, student surplus, and total surplus?
3. Assuming a mixes bundling strategy, what will be the price of the bundle, the price
of the individually priced texbooks and the resulting profit, student surplus, and
total surplus?
4. Contrast and compare between the 3 pricing options. Which option is the best for
the bookstore, which option is the best for students, and which option is the best for
the market overall?
5. What would actually be the social optimum pricing (that would maximize the total
surplus)?

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