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Explain the economic significance of charging

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Reference no: EM131732468

Cover Charges: Hank's Honkytonk is a local bar and nightspot. On weekends, it requires a $5 cover charge to defray the costs of the live musical acts Hank brings in. This has worked wonderfully, as it generates capacity crowds and a long line of people waiting to enter.

Question: Explain the economic significance of charging a $5 cover for the live musical acts. Provide example of two pricing or product differentiation changes (explain how) that could increase his profitability.

Reference no: EM131732468

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