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    Northwest Florida State College
    Jun-1992 - May-1997

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Category > Economics Posted 03 May 2017 My Price 9.00

Using the coconut oil demand function from Problem 35,

Using the coconut oil demand function from Problem 35, calculate the price and cross-price elasticities of demand for coconut oil.

Problem 35

The coconut oil demand function (Buschena and Perloff, 1991) is

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, is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p is initially 45¢ per pound  is 31¢ per pound, and Q is 1,275 thousand metric tons per year. Calculate the income elasticity of demand for coconut oil. (If you do not have all the numbers necessary to calculate numerical answers, write your answers in terms of variables.)

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Status NEW Posted 03 May 2017 07:05 PM My Price 9.00

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