A company is considering two insurance plans with coverage and premiums shown in the table. (Forexample, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insuranceand $180,000 of liability insurance.) Answer parts a and b.Policy B$15,000Policy AFire/Theft$10,000Liability$180,000$120,000Premium$50$40a. The company needs at least $450,000 fire and theft insurance and at least $5,400,000 liability from these plans. How many units should be purchased from eachplan to minimizethe cost of the premiums? What is the minimum premium?The company should purchase 18 units of Policy A and 18 units of Policy B, for a premium of $ 1620 .b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is theminimum premium?The company should purchaseunits of Policy A andunits of Policy B, for a premium of $

Given Information:Insurance plan is provided as:Policy APolicy BFire/TheftLiabilityPremiumThe…

Answered: A company is considering two insurance…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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If you purchase insurance, the endowment is1.$1,900 if iPhone is not lost, and $1,900 if iPhone is lost2. $2,000 if iPhone is not lost, and $1,900 if iPhone is lost3. $2,000 if iPhone is not lost, and $2,000 if iPhone is lost4.$2,000 if iPhone is not lost, and $1,000 if iPhone is lost Given the cost of insurance your best decision is to purchase insurance.1.True2.False3.Not enough information to answer the question. Ans both
Compute the total cost per year of the following pair of expenses. Then complete the sentence: On an annual basis, the first set of expenses is Maria spends $18 on lottery tickets every week and spends $120 per month on food. On an annual basis, the money spent on lottery tickets is% of the money spent to buy food. (Round to the nearest percent as needed.) % of the second set of expenses.
An ice cream shop created a monthly planning budget based on $25,000 in ice cream sales each month. The start to summer has been extremely nice and the shop is selling more ice cream than expected so a flexible budget is created for June based on $50,000 in monthly sales. Which of the following expense changes would you least expect to see within this flexible budget?
Compute the total cost per year of the following pair of expenses. Then complete the sentence: On an annual basis, the first set of expenses is _______% of the second set of expenses. Vern buys fourlottery tickets each week at a cost of $5 each and spends $800 per year on his textbooks.
A company is considering two insurance plans with coverage and premiums shown in the table. (For example, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liability insurance.) Answer parts a and b. Fire/Theft Liability Premium Policy A $10,000 $180,000 $50 Policy B $15,000 $120,000 $40 a. The company needs at least $300,000 fire and theft insurance and at least $4,200,000 liability from these plans. How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $ b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $.
Three priceing options are available: Silver plan: $20/month for up to 200 Mb's of service plus $0.16 for each additional Mb of service. Gold plan: $50/month for up to 1000 Mb's of service plus $ 0.08 for each additional Mb of service. Platinum plan: $100/month for up to 3000 Mb's of service plus $0.04 for each additional Mb of service. If C is the monthly charge for x Mb's of service, express C as a function of x for each plan. For how many Mb's of service is the Silver Plan the bes pricing option?
Imperial Jewelers manufactures and sells a gold bracelet for $405.00. The company's accounting system says that the unit product cost for this bracelet is $258.00 as shown below: Direct materials Direct labor Manufacturing overhead Unit product cost $ 144 83 31 $ 258 The members of a wedding party have approached Imperial Jewelers about buying 18 of these gold bracelets for the discounted price of $365.00 each. The members of the wedding party would like special filigree applied to the bracelets that would increase the direct materials cost per bracelet by $5. Imperial Jewelers would also have to buy a special tool for $463 to apply the filigree to the bracelets. The special tool would have no other use once the special order is completed. To analyze this special order opportunity, Imperial Jewelers has determined that most of its manufacturing overhead is fixed and unaffected by variations in how much jewelry is produced in any given period. However, $6.00 of the overhead is variable…
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