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The coconut oil demand function (Buschena and Perloff, 1991) is Q =1,2t]t] 95p +162pp + 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 initiallyr 48 per pound, pp is 31 per pound, and Q is 1,296 thousand metric tons per year. Calculate the income elasticity of demand for coconu oil. The income elastiCit).r of demand for coconut oil is _ {Enter a numeric response using a real number rounded to three decimal places.)