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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 6: Market Supply | Unit 4: Determinants
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Page: 17 of 19
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- How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
- How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
- The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
- How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
- Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.
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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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HDI
Human Development Index
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