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HEDONIC PRICE: The notion that the price of good is based on an assortment of characteristics that are both intrinsic to the good itself and external to the good. Hedonic pricing is commonly applied to 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 Contents
Unit 1: Factor Markets
  • Getting Paid
  • Trading Resources
  • Resources
  • Factor Payments
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Derived Demand
  • Factor Demand
  • A Few Issues
  • Marginal Productivity Theory
  • Three (Or Four) Marginals
  • Unit 2 Summary
  • Unit 3: The Curve
  • Marginal Revenue Product Schedule
  • Marginal Revenue Product Curve
  • The Hiring Decision
  • Factor Demand Curve
  • Unit 3 Summary
  • Unit 4: Determinants
  • Shifting Demand
  • Product Demand
  • Factor Productivity
  • Other Prices
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Review
  • Preview
  • Unit 5 Summary
  • Course Home
    Factor Demand

    • The first unit of this lesson, Background, begins this lesson by laying the foundations for the study of factor demand.
    • In the second unit, Derived Demand, we see how the demand for a factor of production is based on the demand for the good it produces.
    • The third unit, The Curve, then derives the factor demand curve, which is the relation between the price employers are willing to pay and the quantity demanded.
    • In the fourth unit, Determinants, we examine the three key determinants that shift the factor demand curve -- product price, factor productivity, and other factor prices.
    • The fifth and final unit, Taking Stock, then closes this lesson with a review of factor demand and a preview of factor market analysis in other lessons.

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    AMERICAN ECONOMIC ASSOCIATION

    A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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    GREEN LOGIGUIN
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    Today, you are likely to spend a great deal of time at a flea market wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for crowded shopping malls.
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    The average length of a "business lunch" is about 36 minutes.
    "A ship ought not to be held by one anchor, nor life by a single hope. "

    -- Epictetus, philosopher

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