UAP life Insurance Company offers a wide variety of insurance products
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UAP life Insurance Company offers a wide variety of insurance products

Question 3

UAP life Insurance Company offers a wide variety of insurance products, including whole term policies. The company has compiled the following life and data concerning policy sales during recent years.


a. What is the price elasticity of demand for wholelife insurance?

b. Calculate the point elasticity of demand for term insurance.

c. Evaluate the percentage change in wholelife demand given a 1% change in the price of term insurance. Is term insurance a substitute for wholelife?

Hint
EconomicsInsurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs....
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