JWI 515: Managerial Economics Academic Submissions and Evaluation©Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed,in whole or in part, without the expressed written permission of Strayer University.JWI 515 –Assignment 3(1198)Page1of 5Assignment 3: Price DiscriminationMemo(Weight: 15%)Due by Sunday, midnight of Week 7Your AssignmentYour boss has just given you an important, high priority assignment. The company’s core business product has shown steadily shrinking profitability and you’ve been asked to address the problem by coming up with at least one new pricing technique. Prior to the meeting, your boss would like to see a brief Memo that outlines your proposal and explains the impact it will have on units sold and profits. InstructionsDevelop aMemo of 2 to 3 pages for your boss. As a Memo is a succinct business communication, it is helpful to work through your ideas before writing the document. When you are ready, use the Sample Outline provided at the end of the Instructions to structure your assignment document. 1.Describe the company’s product or service, using relevant economic terminology. Questions to address include, but are not limitedto:•What is the product or service? What Utility or benefit does it provide to the consumer?•What is your company’s history with this product orservice?•What does the competition in the market look like for this product orservice?•What actions has your company taken to remaincompetitive?2.Provide at least twospecific proposals forpricediscrimination:•Which Price Discrimination technique(s) will youuse?•What is the current price? What will be the newprice?3.Explain how implementing your proposal is expected to impact consumer demand:•How will your proposal impact sales in the first threemonths?•How will your proposal impact sales within eighteen months?•What would increased sales enable the company to dodifferently?