Business, 08.02.2021 19:00 smm1106

Suppose Nationwide increases the insurance premium they charge for their auto policies by 6 percent. In response, the demand for State Farm auto policies in a small town increases from 1,500 to 1,650. What is the cross-price elasticity of demand for State Farm auto policies in this town?Using the midpoint formula, the cross-price elasticity of demand for State Farm auto policies is . (Round to 3 decimal places.)In this instance, auto insurance from Nationwide and auto insurance from State Farm are .

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Suppose Nationwide increases the insurance premium they charge for their auto policies by 6 percent....