Business
Business, 18.09.2019 02:30, lilquongohard

If the demand curve for coconut oil is expressed as q=1200-10p+16p_p+0.2y, where q is the quantity of coconut oil demanded in thousands of metric tons per year, p is the price of coconut oil in cents per pound, p_p is the price of palm oil in cents per pound and y is the income of consumers. assume that p is initially 50 cents per pound, p_p is 30 cents per pound, and q is 1300 thousand metric tons per year. the income elasticity of demand for coconut oil is.

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If the demand curve for coconut oil is expressed as q=1200-10p+16p_p+0.2y, where q is the quantity o...

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