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When the monthly average premium for life insurance was set at 100, 140000 polices were sold....

When the monthly average premium for life insurance was set at 100, 140000 polices were sold. When premiums were raised to 120 monthly only 9000 policies were maintained.

1.What is the price elasticity of demand for life insurance in Pasty? explain your answer

2.State whether the following statement below is True or False explain your answer

All things equal based on the price elasticity from Insurance must have recorded higher profit ( then losses) as a result of the increased premiums

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