DemandPrice {EconDemand} | R Documentation |
Finds the prices and returns general propeties when quantities are given of various economics demand systems including Linear, Translog, CES, LES and CREMR.
DemandPrice(q, parameter, method, Plot, message)
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 |
price |
the computed price |
sales |
the total sales (revenues) |
elasticity |
the elasticity of demand |
convexity |
the convexity of demand |
marginal.revenue |
the marginal revenues |
#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