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Policy A Policy B 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. $10,000 $15,000 Fire/Theft Liability $180,000 $120,000 Premium $50 $40 CHIE a. The company needs at least $150,000 fire and theft insurance and at least $2,400,000 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 O units of Policy A and 10 units of Policy B, for a premium of $ 8000.

Policy A Policy B 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. $10,000 $15,000 Fire/Theft Liability $180,000 $120,000 Premium $50 $40 CHIE a. The company needs at least $150,000 fire and theft insurance and at least $2,400,000 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 O units of Policy A and 10 units of Policy B, for a premium of $ 8000.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter10: Systems Of Equations And Inequalities
Section10.FOM: Focus On Modeling: Linear Programming
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Policy A Policy B 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. $10,000 $15,000 Fire/Theft Liability Premium $180,000 $120,000 $50 $40 ... a. The company needs at least $150,000 fire and theft insurance and at least $2,400,000 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 10 units of Policy B, for a premium of $ 8000
Transcribed Image Text:Policy A Policy B 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. $10,000 $15,000 Fire/Theft Liability Premium $180,000 $120,000 $50 $40 ... a. The company needs at least $150,000 fire and theft insurance and at least $2,400,000 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 10 units of Policy B, for a premium of $ 8000
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