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Price Discrimination: Hank's Honkytonk is a local bar and nightspot. On weekends, it requires a $5 cover charge to defray the costs of the live musical acts Hank brings in. This has worked wonderfully, as it generates capacity crowds and a long line of people waiting to enter
Question: Explain the economic significance of charging a $5 cover for the live musical acts (as a form of price discrimination). Provide two examples of pricing or product differentiation schemes that Hank could implement to increase profitability.
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