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Suppose the demand for coconut oil is Q = 1200 - 6p + 15pp + 0.1Y, where 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. Assume p is initially $0.50 per pound and pp is $0.30 per pound. a. Calculate the cross-price elasticity of demand for coconut oil. Show your work. Provide an interpretation, in words, for this elasticity.
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