Business, 26.02.2020 03:16, emberjohnson26
The coconut oil demand function (buschena and perloff, 1991) is equals1,200minus 9.5pplus 16.2p subscript plus0.2y, 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 subscript p is the price of palm oil in cents per pound, and y is the income of consumers. assume that p is initially 49cents per pound, p subscript p is 29cents per pound, and q is 1 comma 382 thousand metric tons per year. calculate the income elasticity of demand for coconut oil.
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The coconut oil demand function (buschena and perloff, 1991) is equals1,200minus 9.5pplus 16.2p subs...
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