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Answer in Microeconomics for Reagan #179716

Author:
March 27th, 2023

 The coconut oil demand function is = 1500 − 8.5 + 14.2 + 0.3 . Assume that p is initially 

N$0.55 per kg, = $0.91 per kg and Q=1575 thousand metric tons per year. Calculate income 

elasticity of demand coconut oil.

If p is initially N$0.55 per kg, = $0.91 per kg and Q = 1575 thousand metric tons per year, then:

1575 = 1500 − 8.5×0.55 + 14.2×0.91 + 0.3 ,

0.3Y = 66.753,

Y = N$222.51.

The income elasticity of demand for coconut oil is:

Ed = 0.3×222.51/1575 = 0.042.

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