Q.6.Calculate the price elasticity of demand and cross-price elasticity of demand for coconut oil. The coconut oil demand function is :[4]

Q = 1,200 - 9.5p + 16.2p_p + 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 rupees per Kg,

p_p is the price of palm oil in cents per Kg,

Y is the income of consumers.

Assume that p is initially Rs.45 per Kg, pp is Rs.31 per Kg, and Q is 1,275 thousand metric tons per year. Show all your calculations.