Naulin Mombo 03/13/24 7:33 PM ? Question 2, Text Exercise HW Score: 56.25%, 4.5 of 8 5.8 points Part 2 of 2 Points: 0 of 1 Save Calculate the price and cross-price elasticities of demand for coconut oil. The coconut oil demand function (Buschena and Perloff, 1991) is Q = 1,200 - 9.5p + 16.2pp + 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, po is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p is initially 39c per pound, po is 324 per pound, and Q is 1,310 thousand metric tons per year. The price elasticity of demand is -0.283 . (Enter a numeric response using a real number rounded to three decimal places.) The cross-price elasticity of demand (with respect to the price of palm oil) is (Enter a numeric response using a real number rounded to three decimal places.)Naulin Mombo 03/13/24 7:34 PM Question 3, Concept HW Score: 56.25%, 4.5 of 8 Question 3.1 (T Part 2 of 2 @ Points: 0.5 of 1 A consumer has $120 in monthly income to be spent on two goods and B. The price of good Z (P,) is 56.00. 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 L What is the price of good B? 3 (round yvour answer to the nearest penny). How many units of good B can be purchased if all income is used for that good? |:| units (round your answer to two decimal places). Naulin Mombo 03/13/24 7:35 PM (? Question 4, Text Exercise HW Score: 56.25%, 4.5 of 8 4.4 points Part 2 of 2 Points: 0.5 of 1 Save Mark consumes only cookies and books. At his current consumption bundle, his marginal utility from books is 8 and from cookies is 5. Each book costs $10.00 and each cookie costs $2.00. Is 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. UB PB not maximizing utility because MRS = - Pc B. UB PB not maximizing utility because MRS = -- Pc O C. UB PB maximizing utility because MRS = - UC = PC O D. UB maximizing utility because MRS = - Uc' O E. UB UC not maximizing utility because = PB PcTo increase utility without increasing total expenditures, Mark could trade () A. 5 cookies for 1 book. () B. 1 book for 5 cookies. () C. 1 book for 2 cookies. (&) D. 1 cookie for 1 book. () E. 3 cookies for 1 book