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A company is considering two insurance plans with coverage and premiums shown in the table. (For example, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liability insurance.) Answer parts a and b. Fire/Theft Liability Premium Policy A $10,000 $180,000 $50 Policy B $15.000 $120,000 $40 a. The company needs at least $300,000 fire and theft insurance and at least $4,200,000 liability from these plans. How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $. b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $

A company is considering two insurance plans with coverage and premiums shown in the table. (For example, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liability insurance.) Answer parts a and b. Fire/Theft Liability Premium Policy A $10,000 $180,000 $50 Policy B $15.000 $120,000 $40 a. The company needs at least $300,000 fire and theft insurance and at least $4,200,000 liability from these plans. How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $. b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A company is considering two insurance plans with coverage and premiums shown in the table. (For example, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liability insurance.) Answer parts a and b. Fire/Theft Liability Premium Policy A $10,000 $180,000 $50 Policy B $15,000 $120,000 $40 a. The company needs at least $300,000 fire and theft insurance and at least $4,200,000 liability from these plans. How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $ b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $.
Transcribed Image Text:A company is considering two insurance plans with coverage and premiums shown in the table. (For example, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance and $180,000 of liability insurance.) Answer parts a and b. Fire/Theft Liability Premium Policy A $10,000 $180,000 $50 Policy B $15,000 $120,000 $40 a. The company needs at least $300,000 fire and theft insurance and at least $4,200,000 liability from these plans. How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $ b. Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan to minimize the cost of the premiums? What is the minimum premium? The company should purchase units of Policy A and units of Policy B, for a premium of $.
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