What is hedonic analysis?
What will be an ideal response?
Hedonic analysis refers to the study of the prices of goods, services, or jobs in terms of the prices of the characteristics that they embody. Every good or service has features that can be viewed as attributes, and how much a consumer is willing to pay for these goods depends on the bundle of attributes. The term that is used for the analysis of consumers' willingness to pay, and companies' willingness to supply such characteristics, is hedonic analysis.
A-head: ECONOMIC TOOLS TO VALUE HUMAN LIFE
Concept: Hedonic analysis
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Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's total variable cost?
A) $2,400 B) $2,000 C) $1,600 D) $800
If the value of the euro falls from $1.45 to $1.42, how would this change be described?
a) The euro depreciated against the dollar. b) The euro appreciated against the dollar. c) The dollar depreciated against the euro. d) The purchasing power parity between the two currencies increased.
A tax that takes a larger proportion of income from low-income groups than from high-income groups is a:
A. stabilizing tax. B. regressive tax. C. progressive tax. D. proportional tax.
The monopolist is a
A) price taker who tries to find the profit-maximizing rate of output. B) price taker who tries to find the profit-maximizing price. C) price searcher who tries to find the profit-maximizing price-output combination. D) price searcher who tries to find the rate of output that maximizes price.