The Economist is a weekly magazine that focuses on current affairs, economic issues, international business, and politics. It is purchased by both business people and university students.

a. Are businesspeople and students charged the same price?

Explain with the aid of a diagram, showing prices and quantity sold to each customer segment. (20 marks)

b. Explain the conditions required for third-degree price discrimination, and how revenues are maximized using this strategy. (20 marks)Please list down 5 points with an explanation.