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The Jefferson National Life Insurance Company offers a wide variety of insurance products, including whole-life and term policies. The company has compiled the following data concerning policy sales during recent years:
Whole-life
Term
Year
*Price
Quantity
2004
$2.00
240,000
$1.50
100,000
2005
2.00
200,000
1.45
130,000
2006
1.90
230,000
150,000
2007
1.80
280,000
1.40
2008
238,000
1.33
270,000
What is the point price elasticity of demand for whole-life insurance? What is the point price elasticity of demand for term insurance? Evaluate the percentage change in whole-life demand given a 1% change in the price of term insurance. Is term insurance a substitute for whole-life?
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