Price Discrimination: SouthSide Salon is a local bar and nightspot in Mankato. On weekends, it requires a $5 cover charge to defray the costs of the live musical acts. This has worked wonderfully, as it generates capacity crowds and a long line of people waiting to enter.  Questions: Explain the economic significance of charging a $5 cover for the live musical acts (what kind of price discrimination is this?).  Provide two (2) price discrimination schemes of 2nd and 3rd degrees that the bar could implement to increase profitability. Make sure to explain if identification and arbitrage are necessary conditions and why.

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Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.