DemandQuantity {EconDemand}

Quantity and General Propeties Given Price

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