Interestingly enough the Formula 375 gp × spell level × caster level is wrong. The above table (and it's extrapolated from the SRD table) strangely enough has the caster level doubled, with no explanation. So if you want to have your wand prices elevate at a standard rate to those wands that are universally accepted in all games use the above table.
I think the formula is specifying the creation cost, which is always half of the market price.
"A role playing game is three things: it is an interactive story, a game of chance, and a process in critical thinking."
"If brevity is the soul of wit, I'm witty like a vampire."