Mathematical Applications for the Management, Life, and Social Sciences
12th Edition
ISBN: 9781337625340
Author: Ronald J. Harshbarger, James J. Reynolds
Publisher: Cengage Learning
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Chapter 5.3, Problem 7E
To determine
To calculate: The value of x in the equation
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PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
Questions
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
each year are:
Accident Year Premium
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.
Chapter 5 Solutions
Mathematical Applications for the Management, Life, and Social Sciences
Ch. 5.1 - 1. Can any value of x give a negative value for y...Ch. 5.1 - 2. If , what asymptote does the graph of ...Ch. 5.1 - Prob. 3CPCh. 5.1 - Prob. 4CPCh. 5.1 - Prob. 5CPCh. 5.1 - Prob. 6CPCh. 5.1 - Prob. 1ECh. 5.1 - In Problems 1-8, use a calculator to evaluate each...Ch. 5.1 - Prob. 3ECh. 5.1 - Prob. 4E
Ch. 5.1 - Prob. 5ECh. 5.1 - Prob. 6ECh. 5.1 - Prob. 7ECh. 5.1 - Prob. 8ECh. 5.1 - Prob. 9ECh. 5.1 - Prob. 10ECh. 5.1 - Prob. 11ECh. 5.1 - Prob. 12ECh. 5.1 - Prob. 13ECh. 5.1 - Prob. 14ECh. 5.1 - Prob. 15ECh. 5.1 - Prob. 16ECh. 5.1 - Prob. 17ECh. 5.1 - Prob. 18ECh. 5.1 - Prob. 19ECh. 5.1 - Prob. 20ECh. 5.1 - Prob. 21ECh. 5.1 - Prob. 22ECh. 5.1 - 23. (a) Graph .
(b) Graph .
(c) Algebraically show...Ch. 5.1 - Prob. 24ECh. 5.1 - 25. Given that , write an equivalent equation in...Ch. 5.1 - 26. Given that , write an equivalent equation in...Ch. 5.1 - Prob. 27ECh. 5.1 - Prob. 28ECh. 5.1 - Prob. 29ECh. 5.1 - Prob. 30ECh. 5.1 - Prob. 31ECh. 5.1 - Prob. 32ECh. 5.1 - 33. Compound interest If $1000 is invested for x...Ch. 5.1 - 34. Purchasing power and inflation The purchasing...Ch. 5.1 - 35. Compound interest We will show in the next...Ch. 5.1 - 36. Compound interest If $1000 is invested for x...Ch. 5.1 - 37. Drug in the bloodstream The percent...Ch. 5.1 - Bacterial growth A single bacterium splits into...Ch. 5.1 - 39. Product reliability A statistical study shows...Ch. 5.1 - Prob. 40ECh. 5.1 - Prob. 41ECh. 5.1 - Prob. 42ECh. 5.1 - Prob. 43ECh. 5.1 - Prob. 44ECh. 5.1 - 45. Real consumption One of the components of the...Ch. 5.1 - 46. Advertising and sales Suppose that sales are...Ch. 5.1 - 47. Modeling Carbon dioxide emissions The...Ch. 5.1 - Prob. 48ECh. 5.1 - 49. Modeling Personal income The table shows the...Ch. 5.1 - 50. Modeling Consumer price index The table below...Ch. 5.1 - Prob. 51ECh. 5.1 - Prob. 52ECh. 5.1 - 53. Modeling Alzheimer’s disease As the baby...Ch. 5.2 - 1. What asymptote does the graph of approach when...Ch. 5.2 - 2. For , does the equation represent the same...Ch. 5.2 - Prob. 3CPCh. 5.2 - Prob. 4CPCh. 5.2 - 5. Simplify:
(a) (b) (c) (d) log 1
Ch. 5.2 - Prob. 6CPCh. 5.2 - In Problems 1-4, use the definition of a...Ch. 5.2 - Prob. 2ECh. 5.2 - Prob. 3ECh. 5.2 - Prob. 4ECh. 5.2 - Prob. 5ECh. 5.2 - Prob. 6ECh. 5.2 - Prob. 7ECh. 5.2 - Prob. 8ECh. 5.2 - Prob. 9ECh. 5.2 - Prob. 10ECh. 5.2 - Prob. 11ECh. 5.2 - Prob. 12ECh. 5.2 - In Problems 5-14, solve for x by writing the...Ch. 5.2 - In Problems 5-14, solve for x by writing the...Ch. 5.2 - Prob. 15ECh. 5.2 - Prob. 16ECh. 5.2 - Prob. 17ECh. 5.2 - Prob. 18ECh. 5.2 - Prob. 19ECh. 5.2 - In Problems 19 and 20, write the equation in...Ch. 5.2 - Prob. 21ECh. 5.2 - Prob. 22ECh. 5.2 - Prob. 23ECh. 5.2 - Prob. 24ECh. 5.2 - Prob. 25ECh. 5.2 - Prob. 26ECh. 5.2 - Prob. 27ECh. 5.2 - Prob. 28ECh. 5.2 - Prob. 29ECh. 5.2 - Prob. 30ECh. 5.2 - Prob. 31ECh. 5.2 - In Problems 27 and 28, use properties of...Ch. 5.2 - Prob. 33ECh. 5.2 - Prob. 34ECh. 5.2 - In Problems 35 and 36, evaluate each logarithm...Ch. 5.2 - In Problems 35 and 36, evaluate each logarithm...Ch. 5.2 - Write each expression in Problems 37-40 as the sum...Ch. 5.2 - Prob. 38ECh. 5.2 - Prob. 39ECh. 5.2 - Write each expression in Problems 37-40 as the sum...Ch. 5.2 - Prob. 41ECh. 5.2 - Prob. 42ECh. 5.2 - Prob. 43ECh. 5.2 - Prob. 44ECh. 5.2 - Prob. 45ECh. 5.2 - Prob. 46ECh. 5.2 - Prob. 47ECh. 5.2 - In Problems 45-48, use a calculator to determine...Ch. 5.2 - Prob. 49ECh. 5.2 - Prob. 50ECh. 5.2 - Prob. 51ECh. 5.2 - Prob. 52ECh. 5.2 - Prob. 53ECh. 5.2 - Prob. 54ECh. 5.2 - Prob. 55ECh. 5.2 - Prob. 56ECh. 5.2 - Prob. 57ECh. 5.2 - Prob. 58ECh. 5.2 - Richter scale Use the formula in Problems 59-62....Ch. 5.2 - Richter scale Use the formula in Problems 59-62....Ch. 5.2 - Prob. 61ECh. 5.2 - Richter scale Use the formula in Problems 59-62....Ch. 5.2 - Prob. 63ECh. 5.2 - Prob. 64ECh. 5.2 - Prob. 65ECh. 5.2 - Prob. 66ECh. 5.2 - Prob. 67ECh. 5.2 - Prob. 68ECh. 5.2 - Prob. 69ECh. 5.2 - Prob. 70ECh. 5.2 - Doubling time In Problems 71 and 72, use the...Ch. 5.2 - Prob. 72ECh. 5.2 - 73. Women in the workforce For selected years from...Ch. 5.2 - Prob. 74ECh. 5.2 - 75. Modeling Diabetes As the following table...Ch. 5.2 - Prob. 76ECh. 5.2 - 77. Modeling Internet usage In 2015,88% of U.S....Ch. 5.2 - 78. Modeling Demographics The table below gives...Ch. 5.3 - 1. Suppose the sales of a product, in dollars, are...Ch. 5.3 - 2. Suppose the monthly demand for a product is...Ch. 5.3 - 3. Suppose the number of employees at a new...Ch. 5.3 - Prob. 1ECh. 5.3 - Prob. 2ECh. 5.3 - In Problems 1-22, solve each equation. Give...Ch. 5.3 - In Problems 1-22, solve each equation. Give...Ch. 5.3 - Prob. 5ECh. 5.3 - Prob. 6ECh. 5.3 - Prob. 7ECh. 5.3 - Prob. 8ECh. 5.3 - In Problems 1-22, solve each equation. Give...Ch. 5.3 - Prob. 10ECh. 5.3 - Prob. 11ECh. 5.3 - Prob. 12ECh. 5.3 - Prob. 13ECh. 5.3 - Prob. 14ECh. 5.3 - Prob. 15ECh. 5.3 - Prob. 16ECh. 5.3 - Prob. 17ECh. 5.3 - Prob. 18ECh. 5.3 - Prob. 19ECh. 5.3 - Prob. 20ECh. 5.3 - Prob. 21ECh. 5.3 - Prob. 22ECh. 5.3 - Prob. 23ECh. 5.3 - Prob. 24ECh. 5.3 - 25. Sales decay The sales decay for a product is...Ch. 5.3 - 26. Sales decay The sales of a product decline...Ch. 5.3 - 27. Inflation The purchasing power P (in dollars)...Ch. 5.3 - 28. Product reliability A statistical study shows...Ch. 5.3 - 29. Radioactive half-life An initial amount of 100...Ch. 5.3 - 30. Radioactive half-life A breeder reactor...Ch. 5.3 - 31. Population growth If the population of a...Ch. 5.3 - 32. Population growth The population of a certain...Ch. 5.3 - 33. Health care For the years from 2002 and...Ch. 5.3 - 34. Disposable income Disposable income is the...Ch. 5.3 - 35. Demand The demand function for a certain...Ch. 5.3 - 36. Demand The demand function for a product is...Ch. 5.3 - 37. Supply If the supply function for a product is...Ch. 5.3 - Prob. 38ECh. 5.3 - 39. Total cost The total cost function for x units...Ch. 5.3 - Prob. 40ECh. 5.3 - Prob. 41ECh. 5.3 - Prob. 42ECh. 5.3 - 43. Compound interest If $8500 is invested at...Ch. 5.3 - 44. Compound interest If $1000 is invested at 10%...Ch. 5.3 - 45. Compound interest If $5000 is invested at 9%...Ch. 5.3 - Prob. 46ECh. 5.3 - Profits An investment services company experienced...Ch. 5.3 - Profits An investment services company experienced...Ch. 5.3 - Prob. 49ECh. 5.3 - Prob. 50ECh. 5.3 - 51. Supply Suppose the supply of x units of a...Ch. 5.3 - 52. Demand Assume that the demand function for a...Ch. 5.3 - 53. Sales growth The president of a company...Ch. 5.3 - Prob. 54ECh. 5.3 - 55. Organizational growth Suppose that the...Ch. 5.3 - Prob. 56ECh. 5.3 - Prob. 57ECh. 5.3 - 58. Population growth Suppose that the number y of...Ch. 5.3 - 59. Spread of disease On a college campus of...Ch. 5.3 - 60. Spread of a rumor The number of people N(t) in...Ch. 5.3 - 61. Market share Suppose that the market share y...Ch. 5.3 - 62. Advertising An advertising agency has found...Ch. 5.3 - 63. Pollution Pollution levels in a lake have been...Ch. 5.3 - 64. Fish length Suppose that the length x (in...Ch. 5.3 - Prob. 65ECh. 5.3 - Prob. 66ECh. 5.3 - 67. Modeling Diabetes The following table gives...Ch. 5.3 - 68. Modeling U.S. population, ages 20-64 The...Ch. 5 - 1. Write each statement in logarithmic form.
Ch. 5 - Prob. 2RECh. 5 - Prob. 3RECh. 5 - Prob. 4RECh. 5 - Prob. 5RECh. 5 - Prob. 6RECh. 5 - Prob. 7RECh. 5 - Prob. 8RECh. 5 - Prob. 9RECh. 5 - Prob. 10RECh. 5 - Prob. 11RECh. 5 - Prob. 12RECh. 5 - In Problems 13-20, evaluate each logarithm without...Ch. 5 - Prob. 14RECh. 5 - Prob. 15RECh. 5 - In Problems 13-20, evaluate each logarithm without...Ch. 5 - In Problems 13-20, evaluate each logarithm without...Ch. 5 - Prob. 18RECh. 5 - Prob. 19RECh. 5 - Prob. 20RECh. 5 - Prob. 21RECh. 5 - Prob. 22RECh. 5 - In Problems 21-24, if , find each of the following...Ch. 5 - In Problems 21-24, if , find each of the following...Ch. 5 - Prob. 25RECh. 5 - Prob. 26RECh. 5 - 27. Is it true that ln for all positive values of...Ch. 5 - Prob. 28RECh. 5 - Prob. 29RECh. 5 - Prob. 30RECh. 5 - 31. If
Ch. 5 - Prob. 32RECh. 5 - Prob. 33RECh. 5 - Prob. 34RECh. 5 - Prob. 35RECh. 5 - Prob. 36RECh. 5 - In Problems 36-42, solve each equation.
37.
Ch. 5 - Prob. 38RECh. 5 - In Problems 36-42, solve each equation.
39.
Ch. 5 - In Problems 36-42, solve each equation.
40.
Ch. 5 - Prob. 41RECh. 5 - In Problems 36-42, solve each equation.
42.
Ch. 5 - Prob. 43RECh. 5 - Prob. 44RECh. 5 - Prob. 45RECh. 5 - Prob. 46RECh. 5 - Prob. 47RECh. 5 - Prob. 48RECh. 5 - Prob. 49RECh. 5 - 50. Sales decay The sales decay for a product is...Ch. 5 - 51. Total cost The total cost for x units of a...Ch. 5 - Prob. 52RECh. 5 - Prob. 53RECh. 5 - 54. Compound interest If $1000 is invested at 12%,...Ch. 5 - 55. Compound interest If $5000 is invested at...Ch. 5 - Prob. 56RECh. 5 - 57. Advertising and sales After hiring a new VP...Ch. 5 - Prob. 58RECh. 5 - Prob. 1TCh. 5 - Prob. 2TCh. 5 - Prob. 3TCh. 5 - Prob. 4TCh. 5 - Prob. 5TCh. 5 - Prob. 6TCh. 5 - Prob. 7TCh. 5 - Prob. 8TCh. 5 - Prob. 9TCh. 5 - Prob. 10TCh. 5 - Prob. 11TCh. 5 - Prob. 12TCh. 5 - Prob. 13TCh. 5 - Prob. 14TCh. 5 - Prob. 15TCh. 5 - Prob. 16TCh. 5 - Prob. 17TCh. 5 - Prob. 18TCh. 5 - Prob. 19TCh. 5 - Prob. 20TCh. 5 - Prob. 21TCh. 5 - Prob. 22TCh. 5 - Prob. 23TCh. 5 - Prob. 24TCh. 5 - Prob. 25TCh. 5 - Prob. 26TCh. 5 - 27. The total national health expenditures per...Ch. 5 - 28. A company plans to phase out one model of its...Ch. 5 - 29. The supply function for x units of a certain...Ch. 5 - 30. The total U.S. personal income I (in billions...Ch. 5 - Prob. 31T
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