Business, 09.10.2019 23:00 coolman315

Qequals1 comma 200minus9.5pplus16.2p subscript pplus0.2y, 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 60 cents per pound, p subscript p is 25 cents per pound, and q is 1 comma 300 thousand metric tons per year. calculate the income elasticity of demand for coconut oil. the income elasticity of demand is epsilonequals 0.204. (enter your response rounded to three decimal places.) is coconut oil a normal good at that price and quantity combination?

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Qequals1 comma 200minus9.5pplus16.2p subscript pplus0.2y, where q is the quantity of coconut oil dem...

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