please write as per 15 marks

Anyone who travels by train in the UK knows that the train operators offer a bewildering array of fares. It is reasonable to suppose that this is because profit- maximizing companies that adopt price discrimination in a way results in lowest fares for the groups with the most elastic demand. So, like many public transport firms, they offer concessions to young people and senior citizens, many of whom might rarely travel by train. Price discrimination also entails charging the highest fares to groups with the most inelastic demand: these include people who travel at peak times, because they may have to travel and have no alternative mode of travel., and people who book at short notice because they may have some pressing need Questions: (a) Explain the price strategy as discussed in the case. Why do train operators set such fares? What are the conditions conducive to such kind of price strategy? (b) What are the merits and demerits of charging different prices to different customers