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HEDONIC PRICING MODEL: A statistical model used to identify factors or influences on the price of good based on the notion that price is based on both intrinsic characteristic and external factors. The hedonic pricing model is most commonly used in the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 15 of 25

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In this unit, you should have learned about:
  • The two types of elasticity measurements -- arc elasticity for discrete changes and point elasticity for infinitesimally small changes.
  • The coefficient of elasticity used to quantify the elasticity concept.
  • The endpoint formula for calculating the coefficient of elasticity.
  • The midpoint formula for calculating the coefficient of elasticity.
  • How the coefficient of elasticity differs using the endpoint and midpoint formulas.

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SHORT-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market. The other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

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