What you’ll learn5 learning objectivesChoose one objective for a focused lesson, or study the complete topic.7.8.1Profit maximisation• Traditional profit-maximising objective of firmsSyllabus objective7.8.2Alternative firm objectives• An understanding of other objectives of firms:- survival- profit satisficing- sales maximisation- revenue maximisationSyllabus objective7.8.3Price discrimination• Price discrimination - first, second and third degree:- conditions for effective price discrimination- consequences of price discriminationSyllabus objective7.8.4Pricing policies• Other pricing policies:- limit pricing- predatory pricing- price leadershipSyllabus objective7.8.5PED and firm revenue• Relationship between price elasticity of demand and a firm's revenue:- in a normal downward sloping demand curve- in a kinked demand curveSyllabus objective