Contemporary Mathematics For Business & Consumers, Loose-leaf Version
8th Edition
ISBN: 9781305867185
Author: Robert Brechner, Geroge Bergeman
Publisher: South-Western College Pub
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Chapter 1, Problem 2CR
To determine
To fill: The blank in the statement “Our number system utilizes the 10 Hindu-Arabic symbols _____ through _____ to write any number”.
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An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
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2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
Steel Production Planning:
Let S represent the amount of steel produced (in tons). Steel Production is related to the amount of labor used(L) and the amount of capital used ( C ) by the following function:S = 20L⁰˙³⁰C⁰˙⁷⁰In this formula L represents the units of Labor input and C the units of Capital input. Each unit of Labor costs $50, and each unit of Capital costs $100.
a:Formulate an optimization problem that will determine how much labor and capital are needed to produce 50,000 tons of steel at minimum cost.
Q#3B: Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L>0 and C>0.)…
Chapter 1 Solutions
Contemporary Mathematics For Business & Consumers, Loose-leaf Version
Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Write the following whole numbers in numerical...
Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Prob. 20RECh. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - 23. According to the American Wind Energy...Ch. 1.I - According to the Financial Times, in a recent...Ch. 1.II - Add the following sets of whole numbers and verify...Ch. 1.II - Prob. 4TIECh. 1.II - Prob. 1RECh. 1.II - Prob. 2RECh. 1.II - Prob. 3RECh. 1.II - Prob. 4RECh. 1.II - Prob. 5RECh. 1.II - 2,339+118+3,650+8,770+81+6=Ch. 1.II - Prob. 7RECh. 1.II - Prob. 8RECh. 1.II - Prob. 9RECh. 1.II - Estimate the following by rounding each number all...Ch. 1.II - Prob. 11RECh. 1.II - Prob. 12RECh. 1.II - Prob. 13RECh. 1.II - At Cherry Valley Farms, a farmer plants 350 acres...Ch. 1.II - Prob. 15RECh. 1.II - Prob. 16RECh. 1.II - Prob. 17RECh. 1.II - Prob. 18RECh. 1.II - Prob. 19RECh. 1.II - Prob. 20RECh. 1.II - Prob. 21RECh. 1.II - Prob. 22RECh. 1.II - Prob. 23RECh. 1.II - Subtract the following numbers.
24. Subtract 5,868...Ch. 1.II - Subtract the following numbers.
25. Subtract...Ch. 1.II - The beginning inventory of the Designer Shoe Salon...Ch. 1.II - Prob. 27RECh. 1.II - 28. Use the U.S Postal Service Mail Volume graph...Ch. 1.II - Prob. 29RECh. 1.II - An Allied Vans Lines moving truck picks up loads...Ch. 1.II - A personal balance sheet is the financial picture...Ch. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Divide the following numbers and verify your...Ch. 1.III - Prob. 1RECh. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Prob. 3RECh. 1.III - Prob. 4RECh. 1.III - Prob. 5RECh. 1.III - Prob. 6RECh. 1.III - Prob. 7RECh. 1.III - Prob. 8RECh. 1.III - Prob. 9RECh. 1.III - Prob. 10RECh. 1.III - Prob. 11RECh. 1.III - Dazzling Designs made custom drapery for a client...Ch. 1.III - Prob. 13RECh. 1.III - There are 34 stairs from bottom to top in each of...Ch. 1.III - Prob. 15RECh. 1.III - 16. Bob Powers, a consulting electrical engineer,...Ch. 1.III - Prob. 17RECh. 1.III - Prob. 18RECh. 1.III - Prob. 19RECh. 1.III - Prob. 20RECh. 1.III - Prob. 21RECh. 1.III - Prob. 22RECh. 1.III - Prob. 23RECh. 1.III - Tip-Top Roofing has 50,640 square feet of roofing...Ch. 1.III - 25. A calculator uses eight circuit boards, each...Ch. 1.III - 26. Eric Shotwell borrows $24,600 from the...Ch. 1.III - A 16-person college basketball team is going to a...Ch. 1.III - You have just purchased a 65-acre ranch for a...Ch. 1.III - As the IT manager for FastNet Enterprises, you...Ch. 1.III - 30. You are the owner of Decorama Flooring. Todd...Ch. 1 - 1. The number system most widely used in the world...Ch. 1 - Prob. 2CRCh. 1 - Prob. 3CRCh. 1 - Prob. 4CRCh. 1 - Prob. 5CRCh. 1 - Rounding all the way is a process of rounding...Ch. 1 - Prob. 7CRCh. 1 - 8. When performing addition, we write the addends...Ch. 1 - 9. The mathematical process of taking away, or...Ch. 1 - Prob. 10CRCh. 1 - Prob. 11CRCh. 1 - Prob. 12CRCh. 1 - Prob. 13CRCh. 1 - 14. Show four ways to express 15 divided by 5....Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Prob. 3ATCh. 1 - Prob. 4ATCh. 1 - Round the following numbers to the indicated...Ch. 1 - Round the following numbers to the indicated...Ch. 1 - Prob. 7ATCh. 1 - Prob. 8ATCh. 1 - Prob. 9ATCh. 1 - Prob. 10ATCh. 1 - Prob. 11ATCh. 1 - Prob. 12ATCh. 1 - Prob. 13ATCh. 1 - Prob. 14ATCh. 1 - Prob. 15ATCh. 1 - The following chart shows the number of meals...Ch. 1 - Prob. 17ATCh. 1 - 18. The stadium parking lot at Fairview College...Ch. 1 - Prob. 19ATCh. 1 - Facebook reported that for one three-month period,...Ch. 1 - You are in charge of organizing the annual...Ch. 1 - Prob. 22ATCh. 1 - Prob. 23ATCh. 1 - A banana nut bread recipe calls for 2 cups of...Ch. 1 - Brian Hickman bought 2,000 shares of stock at $62...Ch. 1 - 26. The Canmore Mining Company produces 40 tons of...Ch. 1 - Prob. 27ATCh. 1 - The Iberia Corporation purchased a new warehouse...Ch. 1 - A flatbed railroad car weighs 150 tons empty and...Ch. 1 - The Spring Creek Police Department has been asked...Ch. 1 - Prob. 31ATCh. 1 - John Rock has narrowed down his selection of a new...Ch. 1 - Prob. 33AT
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