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The coconut oil demand function (Bushena and Perloff, 1991) is Q=1,2009.5p+16.2pp+0.2Y where Q is the...

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The coconut oil demand function (Bushena and Perloff, 1991) is Q=1,2009.5p+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 cents per pound, pp is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p initially 65 cents per pound, pp is 31 cents per pound, and Q is 1,275 thousand metric tons per year. Calculate th price elasticity of demand for coconut oil and the cross-price elasticity of demand (with respect to the price of palm The price elasticity of demand is = (Enter your iesponse rounded to three decimal places and include a minus sign.)

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