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Score: 0 of 5 pts 4 10 of 23 (22 complete) 7 b Hw Score: 82.5%, 82.5 of 100 pts ® Text Question 1 .10 25 Question Help Q- The coconut oil demand function (Bushena and Perloff, 1991) is Q =1,2oo — 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 50 cents per pound, pp is 31 cents per pound, and Q is 1,375 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.)

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