DemandPrice: Price and General Propeties Given Quantity

In EconDemand: General Analysis of Various Economics Demand Systems

Description

Finds the prices and returns general propeties when quantities are given of various economics demand systems including Linear, Translog, CES, LES and CREMR.

Usage

DemandPrice(q, parameter, method, Plot, message)

Arguments

q	the quantity vector
parameter	the parameters of the economics demand system. When choosing CREMR demand, it should be three dimensional, otherwise it should be two dimensional.
method	the demand function used, can be one of Linear, Translog, CES, LES and CREMR
Plot	a logical value indicating whether the manifold should be plotted
message	a logical value indicating whether an important message about the computed quantity should be printed

Value

price	the computed price
sales	the total sales (revenues)
elasticity	the elasticity of demand
convexity	the convexity of demand
marginal.revenue	the marginal revenues

Examples

#Set quantity vector
quantity<-c(1,1.1,1.2)
#Use Translog Demand Function
X<-DemandPrice(quantity, c(10,0.5), "Translog", Plot=TRUE, message=TRUE)
#Return the prices
X$price
#Return the demand elasticity
X$elasticity

Example output

[1] 8.906611 8.137938 7.494137
[1] 1.056138 1.055855 1.055599

EconDemand documentation built on May 2, 2019, 1:17 p.m.