UAP 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.

Year	Whole-life	Term
Price* ($)	Quantity	Price* ($)	Quantity
2011	2.00	240,000	1.5	100,000
2012	2.00	200,000	1.45	130,000
2013	1.90	230,000	1.45	150,000
2014	1.80	280,000	1.40	200,000
2015	1.80	238,000	1.33	270,000

*Price is quoted in terms of cost per $1,000 of coverage

a. What is the price elasticity of demand for whole-life insurance?

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

c. 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?