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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Giapetto is thinking of buying a new cutting tool for $20 to make toy soldiers and a new clamping tool for $15 to make toy trains. If he does not buy a new tool, he can still make a toy using the older tool he already has. However, using an old cutting tool leads to 50% of the produced soldiers and using an old clamping tool leads to 20% of the produced trains to be defective. With a new tool, there is no defective production. Giapetto cannot sell any defective product. Weekly demands (must be met exactly without left- over inventory) and productions costs are as follows: 1. Soldiers 2. Trains Demand (units/week) Production cost ($/unit) 400 300 7 17 There are other details about the problem which will be added later. Giapetto started formulating a mathematical model considering only the above description and defined the following decision variables: • xi: Production quantity for type i toy, i = 1, 2 corresponding to soldiers and trains, respectively. Considering the above problem…
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Imperial Jewelers manufactures and sells a gold bracelet for $408.00. The company’s accounting system says that the unit product cost for this bracelet is $259.00 as shown below: Direct materials $ 141 Direct labor 82 Manufacturing overhead 36 Unit product cost $ 259 The members of a wedding party have approached Imperial Jewelers about buying 29 of these gold bracelets for the discounted price of $368.00 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 $12. Imperial Jewelers would also have to buy a special tool for $457 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, $13.00 of the…

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