Imagine a fun, informal and relaxing whilst concurrently sophisticated and mature bar in London, serving a high-quality type of drink. When demand for the particular drink you will be serving is low, like particular days of the week and during particular times, reduce your prices by a certain amount (from, say, 2.50 GBP to 1.50 GBP) to induce demand and custom, whilst increasing your prices by a certain amount (from, say, 2.50 GBP to 3.50 GBP) on days and during times when demand is high. You could further increase your prices by a certain amount (say 2.50 GBP to 4.00 GBP) at the ultimately high times, like from 8 or 9pm on a Saturday night. What are your opinions on all this? It is all fictional. Yes, some bars reduce their prices, but very few increase their prices to reflect the demand. I wonder whether the increasing of prices would deter people. I suppose it’d deter some, as lower prices mean an increase in demand (the law of demand; assuming everything else remains the same), but if you have a large number of loyal customers, it’d be yield at work. Also, it’d probably be OK
if you had an excellent reputation for producing the high-quality drink.
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