DemandQuantity: Quantity and General Propeties Given Price

In EconDemand: General Analysis of Various Economics Demand Systems

Description

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

Usage

DemandQuantity(p, parameter, method, Plot, message)

Arguments

p	the price 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

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

Examples

#Set price vector
price<-c(1,1.1,1.2)
#Use Linear Demand Function
X<-DemandQuantity(price,c(10,0.5), "Linear", Plot=TRUE, message=TRUE)
#Return the quantities
X$quantity
#Return the marginal revenues
X$marginal.revenue

Example output

[1] 18.0 17.8 17.6
[1] -8.0 -7.8 -7.6

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