The coconut oil demand function buschena and perioff 1991 is q 1 200 9 5p 16 2p 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 in cents per pound pp is the price of palm oil in cents per pound and y is the income of consumers. The coconut oil demand function is q 1200 9 5p 16 2p p 0 2y where p p is the price of palm oil in cents per pound and y is the income of consumers. Calculate the price and cross price elasticity of demand for coconut oil.
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