Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 8, Problem 9ECP
To determine
The selling price of complete set of pots and pans.
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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.
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 8 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 8.1 - Solve the following situations (markups based on...Ch. 8.1 - Solve the following situations (markups based on...Ch. 8.1 - Prob. 3PQCh. 8.1 - Prob. 1EPQCh. 8.1 - Prob. 2EPQCh. 8.1 - Prob. 3EPQCh. 8.1 - Prob. 1AHCh. 8.1 - Prob. 2AHCh. 8.1 - Prob. 3AHCh. 8.1 - Prob. 4AH
Ch. 8.1 - Prob. 5AHCh. 8.1 - Prob. 6AHCh. 8.1 - Prob. 7AHCh. 8.1 - Prob. 8AHCh. 8.1 - Prob. 9AHCh. 8.1 - Prob. 10AHCh. 8.1 - Prob. 11AHCh. 8.1 - Prob. 12AHCh. 8.1 - Prob. 13AHCh. 8.2 - Solve the following situations (markups based on...Ch. 8.2 - Solve the following situations (markups based on...Ch. 8.2 - Solve the following situations (markups based on...Ch. 8.2 - Solve the following situations (markups based on...Ch. 8.2 - Prob. 1EPQCh. 8.2 - Prob. 2EPQCh. 8.2 - Solve the following situations (markups based on...Ch. 8.2 - Prob. 4EPQCh. 8.2 - Prob. 1AHCh. 8.2 - Calculate the dollar markup and the markup as a...Ch. 8.2 - Prob. 3AHCh. 8.2 - Prob. 4AHCh. 8.2 - Prob. 5AHCh. 8.2 - Prob. 6AHCh. 8.2 - Prob. 7AHCh. 8.2 - Prob. 8AHCh. 8.2 - Prob. 9AHCh. 8.2 - Bargain Furniture sells a five-piece country maple...Ch. 8.2 - Prob. 11AHCh. 8.2 - Prob. 12AHCh. 8.2 - Prob. 13AHCh. 8.3 - Sunshine Music Shop bought a stereo for $600 and...Ch. 8.3 - Alvin Rose owns a fruit and vegetable stand. He...Ch. 8.3 - Prob. 1EPQCh. 8.3 - Prob. 2EPQCh. 8.3 - Prob. 1AHCh. 8.3 - Prob. 2AHCh. 8.3 - Prob. 3AHCh. 8.3 - Prob. 4AHCh. 8.3 - Prob. 5AHCh. 8.3 - Prob. 6AHCh. 8.3 - Prob. 7AHCh. 8.3 - Prob. 8AHCh. 8.3 - Prob. 9AHCh. 8.3 - Prob. 10AHCh. 8.3 - Prob. 11AHCh. 8.3 - Prob. 12AHCh. 8.3 - Prob. 13AHCh. 8.4 - Blue Company produces holiday gift boxes. Given...Ch. 8.4 - Prob. 1EPQCh. 8.4 - Calculate the contribution margin.
Ch. 8.4 - Prob. 2AHCh. 8.4 - Prob. 3AHCh. 8.4 - Prob. 4AHCh. 8.4 - Prob. 5AHCh. 8.4 - Prob. 6AHCh. 8.4 - Prob. 7AHCh. 8 - Prob. 1ECPCh. 8 - Assume markups in Problems 8–1 to 8–6 are based on...Ch. 8 - Solve for cost (round to the nearest...Ch. 8 - Solve for cost (round to the nearest...Ch. 8 - Complete the following: LU 8-1(1)
*Round to the...Ch. 8 - Prob. 6ECPCh. 8 - Prob. 7ECPCh. 8 - Prob. 8ECPCh. 8 - Prob. 9ECPCh. 8 - Solve for the selling price (round to the nearest...Ch. 8 - Complete the following:
Ch. 8 - Prob. 12ECPCh. 8 - Prob. 13ECPCh. 8 - Prob. 14ECPCh. 8 - Calculate the final selling price to the nearest...Ch. 8 - Prob. 16ECPCh. 8 - Complete the following:
Ch. 8 - Prob. 18ECPCh. 8 - Bari Jay, a gown manufacturer, received an order...Ch. 8 - Brian May, guitarist for Queen, does not know how...Ch. 8 - Prob. 21ECPCh. 8 - Prob. 22ECPCh. 8 - Brownsville, Texas, boasts being the southernmost...Ch. 8 - Prob. 24ECPCh. 8 - Prob. 25ECPCh. 8 - Prob. 26ECPCh. 8 - Prob. 27ECPCh. 8 - DeWitt Company sells a kitchen set for $475. To...Ch. 8 - Prob. 29ECPCh. 8 - Prob. 30ECPCh. 8 - Prob. 31ECPCh. 8 - Prob. 32ECPCh. 8 - Prob. 33ECPCh. 8 - Prob. 34ECPCh. 8 - Prob. 35ECPCh. 8 - Prob. 36ECPCh. 8 - Prob. 37ECPCh. 8 - Prob. 38ECPCh. 8 - Prob. 39ECPCh. 8 - Prob. 40ECPCh. 8 - Pete Corporation produces bags of peanuts. Its...Ch. 8 - Prob. 42ECPCh. 8 - Prob. 43ECPCh. 8 - Prob. 1PTCh. 8 - JCPenney sells jeans for $49.50 that cost $38.00....Ch. 8 - Prob. 3PTCh. 8 - Prob. 4PTCh. 8 - Prob. 5PTCh. 8 - Prob. 6PTCh. 8 - Prob. 7PTCh. 8 - Prob. 8PTCh. 8 - Prob. 9PTCh. 8 - The Muffin Shop makes no-fat blueberry muffins...Ch. 8 - Prob. 11PTCh. 8 - Prob. 1CRCh. 8 - Prob. 2CRCh. 8 - Prob. 3CRCh. 8 - Prob. 4CRCh. 8 - Prob. 5CRCh. 8 - Prob. 6CRCh. 8 - Prob. 7CR
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