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NL888 Posted 12 years ago
Grammar
"Pay a premium" and "require a premium"
In the context below, I believe that the word premium means "extra fee". For example, If an article (of commerce) cost you 100 USD, and you are also willing to pay a 38-percent premium, so your total payment for the article is 138 USD.
Am I on the right track?
If so, what does "require a premium" mean? No one would require to pay a shopkeeper more for his goods.
Context:
The quality-cost tradeoff doesn’t scale linearly, so when you want something of better than average quality, you usually must pay a premium for it.
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Studies in which consumers were willing to pay a premium for genetically engineered (GE) food or GE food with enhanced characteristics
80 percent of consumers did not require a premium to purchase GE rice and on average were willing to pay a 38-percent premium for GE rice and a 16-percent premium for GE soy oil.
Am I on the right track?
If so, what does "require a premium" mean? No one would require to pay a shopkeeper more for his goods.
Context:
The quality-cost tradeoff doesn’t scale linearly, so when you want something of better than average quality, you usually must pay a premium for it.
-------------------------------------
Studies in which consumers were willing to pay a premium for genetically engineered (GE) food or GE food with enhanced characteristics
80 percent of consumers did not require a premium to purchase GE rice and on average were willing to pay a 38-percent premium for GE rice and a 16-percent premium for GE soy oil.
Top answer
It means to 'pay extra', yes - but I don't believe it means to pay a 'fee' specifically: Consumers are willing to pay an extra 38% for GE food. I'm a bit unsure about what they mean in the 3rd example though of ' require a premium'. The word require seems out of place with the rest of the text's logic...
- It means to 'pay extra', yes - but I don't believe it means to pay a 'fee' specifically: Consumers are willing to pay an extra 38% for GE food.
- I'm a bit unsure about what they mean in the 3rd example though of ' require a premium'.
- The word require seems out of place with the rest of the text's logic...
- maybe someone with a marketing background can help more!
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2 Answers
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It means to 'pay extra', yes - but I don't believe it means to pay a 'fee' specifically:
Consumers are willing to pay an extra 38% for GE food.
I'm a bit unsure about what they mean in the 3rd example though of 'require a premium'. The word require seems out of place with the rest of the text's logic... maybe someone with a marketing background can help more!
Consumers are willing to pay an extra 38% for GE food.
I'm a bit unsure about what they mean in the 3rd example though of 'require a premium'. The word require seems out of place with the rest of the text's logic... maybe someone with a marketing background can help more!
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NL888Am I on the right track? If so, what does "require a premium" mean? No one would require to pay a shopkeeper more for his goods.Yes, you're on the right track. There does seem to be something wrong with that last sentence, though.
My first take on "did not require a premium" was "did not need to be offered anything as an incentive", but that doe
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