DemandPrice {EconDemand}

Price and General Propeties Given Quantity

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