Naulin Mombo 03/12/24 6:27 PM @ Question 2, Text Exercise HW Score: 12.5%, 1 of 8 LR I Part 1 of 2 Points: 0 of 1 Calculate the price and cross-price elasticities of demand for coconut oil. The coconut il demand function (Buschena and Perloff, 1991) is Q= 1,200-9.5p + 16.2p,, +0.2Y, where (1 is the guantity 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. Assume that p is initially 39 per pound, Pp is 32 per pound, and Q is 1,310 thousand metric tons per year. The price elasticity of demand is |:| (Enter a numeric response using a real number rounded to three decimal places.) Naulin Mombo 03/12/24 6:28 PM (2) Question 3, Concept HW Score: 12.5%, 1 of 8 Question 3.1 I T i (@R R A consumer has 5120 in monthly income to be spent on two goods Z and B. The price of good Z (P,) is $6.00. The Marginal Rate of Transformation (MRT) is equal to 2. That is 2 units of good B can be traded for 1 unit of good Z What is the price of good B? $|:| {round your answer to the nearest penny). Naulin Mombo 03/12/24630PM (%) Question 4, Text Exercise HW Score: 12.5%, 1 0f 8 L points Part 1 of 2 (O Points: 0 of 1 Mark consumes only cookies and books. At his current consumption bundle, his marginal utility from books is & and from cookies is 5. Each book costs 510.00 and each cookie costs $2.00. |s he maximizing his utility? Explain. If he is not, then how can he increase his utility while keeping his total expenditure constant? Mark: is O A. U Pg not maximizing utility because MRS = - ._ B maximizing utility because MES= - = . O = = B maximizing utility because MRS = U C O E. Ug e not maximizing utility because =. B Pc