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