The coconut oil demand function (Buschena and Perloff, 1991) is

the price of palm oil in cents per pound, and \(Y\) is the income of consumers. Assume that \(p\) is initially \(45 \phi\) per pound, \(p_{p}\) is \(31 \phi\) per pound, and \(Q\) is 1,275 thousand metric tons per year. Calculate the income elasticity of demand for coconut oil. (If you do not have all the numbers necessary to calculate numerical answers, write your answers in terms of variables.) A

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Q=1,200 - 9.5p + 16.2pp + 0.2Y,