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Business, 16.10.2019 06:00 Aryanagillman6133

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 45 cents per pound, p subscript p is 21 cents per pound, and q is 1 comma 275 thousand metric tons per year. calculate the income elasticity of demand for coconut oil. the income elasticity of demand is

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Where q is the quantity of coconut oil demanded in thousands of metric tons per year, p is the price...

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