Answer to Question #52345 in Microeconomics for lawrence
If p is initially $ 0.45 per kg, pp =$ 0.31 per kg and Q=1275 thousand
metric tons per year, then 1275 = 1200 - 4.275 + 5.022 + 0.2y,
0.2y = 74.253
y = 371.265
Income elasticity of demand for coconut oil is Qd'(y) = (1200 - 4.275 + 5.022 + 0.2y)' = 0.2.
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