First Degree Discrimination

It is assumed that the firm is aware of each consumer's demand curve for the commodity and fixes the price accordingly. The curve indicates the maximum price that can be charged for successive units of output. Fig  shows that Q₁ can be sold for a maximum price of P₁ the second could be offered for a maximum of price P₂ and so on. The profit maximising output is Q_D where maximum price obtained for the product is equal to the marginal cost of production. Any attempt to offer more will reduce the profits because price would be less than the marginal cost. A lawyer or doctor may charge different fees based on the income of the clients and patients respectively. Different rates are taken for electricity services for industrial use and residential demand. 

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