A company is considering two insurance plans with coverage and premiums shown in the table. (For example, thismeans that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liabilityinsurance.) Answer parts a and b.Fire/TheftLiabilityPremiumPolicy A$10,000$180,000$50Policy B$15,000$120,000$40a. 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 minimizethe cost of the premiums? What is the minimum premium?The company should purchase units of Policy A andunits 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 $.

Let A has x units B has y units 10000x + 15000y >= 300000Divide equation by 50002x + 3y >= 60…

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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