A life-insurance salesman spends 12 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates thateach hour spent calling students, blue-collar workers, and professionals will produce the following number of additional sales:HoursCalling01234LO56Number of Additional SalesBlue-CollarWorkers0191715141211Students0252219171512Professionals0211917151211How should the life-insurance salesman allocate his phone-calling time to maximize the number of sales?Hours spent calling students =Hours spent calling blue-collar workers =Hours spent calling professionals

Life insurance is an economic settlement between an individual (policyholder) and a coverage…

Answered: life-insurance

Business

Economics

life-insurance

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A life-insurance salesman spends 12 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates that
each hour spent calling students, blue-collar workers, and professionals will produce the following number of additional sales:
Hours
Calling
0
1
2
3
4
LO
5
6
Number of Additional Sales
Blue-Collar
Workers
0
19
17
15
14
12
11
Students
0
25
22
19
17
15
12
Professionals
0
21
19
17
15
12
11
How should the life-insurance salesman allocate his phone-calling time to maximize the number of sales?
Hours spent calling students =
Hours spent calling blue-collar workers =
Hours spent calling professionals

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