Three market leaders in homeowners insurance in a state are State Farm, American Family Insurance Group, and Allstate. Based on data from a certain year, two relationships between the homeowners insurance percentage market shares are found to be as given below, where x, y, z, and w are the percentages of the market held by State Farm, American Family, Allstate, and other companies, respectively. x--52 + Sy +2 2-7- 2y + w Given that the four groups account for the entire market, obtain a third equation relating x, y, 2, and w, and solve the associated system of three linear equations to show how the market shares of State Farm, American Family, and Allstate depend on the share held by other companies. (Express your answer in terms of w, where x-x(w), y- y(w), and z- z(w).)

Three market leaders in homeowners insurance in a state are State Farm, American Family Insurance Group, and Allstate. Based on data from a certain year, two relationships between the homeowners insurance percentage market shares are found to be as given below, where x, y, z, and w are the percentages of the market held by State Farm, American Family, Allstate, and other companies, respectively. x--52 + Sy +2 2-7- 2y + w Given that the four groups account for the entire market, obtain a third equation relating x, y, 2, and w, and solve the associated system of three linear equations to show how the market shares of State Farm, American Family, and Allstate depend on the share held by other companies. (Express your answer in terms of w, where x-x(w), y- y(w), and z- z(w).)

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Auto L M H Homeowner's NLMH Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? 0.04 0.07 0.05 0.02 0.07 0.09 0.20 0.11 0.02 0.03 0.15 0.15 (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?…
In a statistics activity, students are asked to spin a penny and a dime and determine the proportion of times that each lands with tails up. The students believe that since a dime is lighter, it will have a lower proportion of times landing tails up compared with the penny. The students are instructed to spin the penny and the dime 30 times and record the number of times each lands tails up. For one student, the penny lands tails side up 18 times, and the dime lands tails side up 20 times. Let pp = the true proportion of times a dime will land tails up and pp = the true proportion of times a penny will land tails up. The P-value for this significance test is 0.296. Which of the following is the correct conclusion for this test of the hypotheses H Pp-Pp=0 and H, Po-Pp 0.05. There is sufficient evidence that the true proportion of times a dime will land tails up is significantly less than the penny. O The student should reject the null hypothesis since 0.296 > 0.05. There is insufficient…
An insurance company offers four different deductible levels—none, low, medium, and high—for its homeowner's policyholders and three different levels—low, medium, and high—for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's Auto N L M H L 0.04 0.07 0.05 0.01 M 0.07 0.11 0.20 0.10 H 0.02 0.03 0.15 0.15 Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same…
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Cars Revenue Company (1,000s) ($ millions) Company A 11.5 120 Company B 10.0 137 Company C 9.0 102 Company D 5.5 39 Company E 4.2 40 Company F 3.3 30 (a) Develop a scatter diagram with the number of cars in service as the independent variable. 160 T 160- 1601 140 140 140 120- E 120- 120- 100 100 100- 80 80 80 CO 60 60 60 40 40 40 20 20 20- 6 8 10 12 14 4 6 8 10 12 14 Cars in Service (1,000s). ● 4 6 8 10 12 14 Cars in Service (1,000) 4 Cars in Service (1,000) Ⓡ 0 4 6 8 10 14 O Cars in Service (1,000) (b) What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? O There…
Virginia polled a large sample of individuals to find the percentage of students with known food allergies and the percentage of students without known food allergies. Which of the following could sufficiently display the data if only the two given categories are to be included? Select the correct answer below: bar graph pie chart either a pie chart or a bar graph neither a pie chart nor a bar graph
A U.S. magazine, Consumer Reports, carried out a survey of the calorie and sodium content of a number of diﬀerent brands of hotdog. There were two types of hotdog: beef, ’meat‘ (mainly pork and beef but can contain up to 15% poultry) and poultry. The results below are the calorie content of the diﬀerent brands of beef and poultry hotdogs. Beef hotdogs: 186,181,176,149,184,190,158,139,175,148,152,111,141,153,190,157,131,149,135,132 Poultry hotdogs: 129,132,102,106,94,102,87,99,170,113,135,142,86,143,152,146,144 Using six steps of hypothesis testing, determine if there is a strong evidence that the calorie content of poultry hotdogs is lower than the calorie content of beef hotdogs.
In 2010, the U.S. Congress passed the historic health care reform bill that will provide some type of coverage for the 32 million Americans currently without health care insurance. Just how widespread is the lack of medical coverage? The media claim that the segments of the population most at risk for disease and thus needing healthcare are women, children, the elderly and the poor. The following tables were generated from the U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement (2011). The tables report the number of uninsured (in thousands) by sex, by age, and by household income. Is being insured or not dependent on gender? Fill in the degrees of freedom and p-value in the output below and draw a clear conclusion indicating which gender is more at risk of not being insured if there is a significant difference.
A computer manufacturer buys 30% of its chips from supplier A and the rest from supplier B. Two percent of the chips from supplier A are defective, as are 4% of the chips from supplier B. Approximately what percentage of the defective chips are from supplier B?