Question: May I please have some help with the problem in the attached screenshot? The coconut oil demand function (Bushena and Perloff, 1991) is Q =1,200

May I please have some help with the problem in the attached screenshot?

May I please have some help with the problem in the attached

The coconut oil demand function (Bushena and Perloff, 1991) is Q =1,200 - 9.5p +16.2pp + 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, pp is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p is initially 60 cents per pound, pp is 31 cents per pound, and Q is 1,325 thousand metric tons per year. Calculate the income elasticity of demand for coconut oil. The income elasticity of demand is c = . (Enter your response rounded to three decimal places.) ls coconut oil a normal good at that price and quantity combination? Coconut oil is V good

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