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Point price elasticity of demand for whole-life insurance

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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

*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

1.45

150,000

2007

1.80

280,000

1.40

200,000

2008

1.80

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?

Reference no: EM131395743

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