A company is considering two insurance plans with coverage and premiums shown in the table. (Forexample, this means that $50 buys one unit of plan A, consisting of $10,000 fire and theft insurance Fire/Theftand $180,000 of liability insurance.) Answer parts a and b.Policy APolicy B$10,000$15,000Liability$180,000$120,000Premium$50$40.....a. The company needs at least $450,000 fire and theft insurance and at least $5,400,000 liability from these plans. How many units should be purchased from eachplan to minimizethe cost of the premiums? What is the minimum premium?The company should purchase 18 units of Policy A and 18 units of Policy B, for a premium of $ 1620 .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 theminimum premium?The company should purchaseunits of Policy A andunits of Policy B, for a premium of $ The given contingency table lists the cross tabulation of the number of businesspartnerships by industry and whether the partnership reported net income or netloss for the year 2014 in a certain country.Number ofPartnershipsWith NetIncome (A) Loss (B)With NetIndustryUsing the letters given in the table, find the number of partnerships in each of thefollowing sets in parts (a) through (d).Construction (C)75,18967,822Manufacturing (M)24,02942,120Wholesale Trade37,49745,229(W)Retail Trade (R)86,37981,527.....(a) AUM contains 265214 partnerships.(b) CUR contains 310917 partnerships.(c) CNB containspartnerships......

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Answered: A company is considering two insurance…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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