Suppose Nationwide increases the insurance premium they charge for their auto policies by 16 percent. In response, the demand for State Farm auto policies in a small town increases from 3 comma 500 to 4 comma 025. What is the cross-price elasticity of demand for State Farm auto policies in this town?
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Home » Business » Suppose Nationwide increases the insurance premium they charge for their auto policies by 16 percent. In response, the demand for State Farm auto policies in a small town increases from 3 comma 500 to 4 comma 025.