As the owner and manager of a store selling smartphones named "701 Smartphones", you are actively seeking new pricing strategies that will increase profits. You only sell one model of smartphone. The quality and features of the 701 smartphone model is similar to the latest Samsung and Apple models.

a) Consider that you are operating in a perfectly competitive market. How would you determine the single price of your smartphones? (1 Mark)

Now assume that you have market power in the smartphone industry.

b) Describe the economic concept of first degree price discrimination? (2 Marks) Give an example of how you could use this tactic in your store to increase profits and explain. (3 Marks)

c) Describe the economic concept of second degree price discrimination? (2 Marks) Give an example of how you could use this tactic in your store to increase profits and explain. (3 Marks)

d) Describe the economic concept of third degree price discrimination? (2 Marks) Give an example of how you could use this tactic in your store to increase profits and explain. (3 Marks)