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Calculate the price and cross-price elasticities of demand for coconut oil

Economics

Calculate the price and cross-price elasticities of demand for coconut oil. The coconut oil demand function is Q = 1200 - 9.5P + 16.2PP + 0.2Y, where Pp 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, Pp is 31 cents per pound, and Q is 1275 thousand metric tons per year.

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