1) The Primo Insurance Company is introducing two new product lines: special riskinsurance and mortgages. The expected profit is $10 per unit on special risk insuranceand $20 per unit on mortgages. Management wishes to establish sales quotas for thenew product lines to maximize total expected profit. The work requirements are asfollows:DepartmentUnderwritingAdministrationClaimsWork-Hours per UnitSpecial RiskMortgage230230Work-HoursAvailable2, 4008001,500REQUIREMENTS:a) Formulate the appropriate linear programming model for this problem.b) Develop the standard form of the LP model for simplex application.c) Obtain simplex tableaus for Iteration 0 and Iteration 1.d) Obtain the optimum solution using the Excel Solver.

As per guidelines, solving the first three parts only. For the rest, kindly post it separately.

Answered: 1) The Primo Insurance Company is…

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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Hudson Corporation is considering three options for managing its data processing operation: continue with its own staff, hire an outside vendor to do the managing (referred to as outsourcing), or use a combination of its own staff and an outside vendor. The cost of the operation depends on future demand. The annual cost of each option (in thousands of dollars) depends on demand as follows: a. If the demand probabilities are .2, .5,and .3, which decision alternative will minimize the expected cost of the data processing operation? What is the expected annual cost associated with your recommendation? b. What is the expected value of perfect information?
Nicholas Grammas is an investment analyst examining the performance of two mutual funds with Janus Capital Group: the Janus Balanced Fund and the Janus Overseas Fund. The Janus Balanced Fund (JANBX): This “core” fund consists of stocks and bonds and its goal is diversification. It has historically produced solid long-term returns through different market cycles. The Janus Overseas Fund (JAOSX): This fund invests in overseas companies based on their individual merits instead of their geography or industry sector. The following table reports a portion of the annual returns (in percent) for these two funds from 2000–2016. Year. Balanced. Overseas 2000 -2.16 -18.57 2001 -5.04 -23.11 2002 -6.56 -23.89 2003 13.74 36.79 2004 8.71 18.58 2005 7.75 32.39 2006 10.56 47.21 2007 10.15 27.76 2008 -15.22 -52.75 2009 24.28 78.12 2010 7.83 19.28…
XYZ Manufaturing company has hired a new VP (D.A.King) for managing capacity investment decisions. Mr. King reviews the situation after he comes on board and decides that he can invest in Batch manufacturing, Custom manufacturing or Group technology. Mr. King will not be able to forecast demand accurately till after the technology choices are made. Demand will be classified into four scenarios: poor, fair, good and excellent. The table below indicates the payoffs for each combination of technology choice and demand scenario. POOR FAIR GOOD EXCELLENT PROBABILITY 0.1 0.4 0.3 0.2 Batch - $200,000 $1,000,000 $1,200,000 $1,300,000 Custom $100,000 $300,000 $700,000 $800,000 Group Technology - $1,000,000 -$500,000 $500,000 $2,000,000 1.What is the expected monetary value of choosing the Group Technology option? 2.What is the expected monetary value of choosing the Batchoption? 3What is the BEST decision based on…
How common are financial cost or contractual constraints associated with smartphone ownership? A survey of smartphone owners found that 48% of the 18- to 29-year-olds, 38% of the 30- to 49-year-olds, 25% of the 50- to 64-year-olds, and 19% of those age 65 or older have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion. Suppose the survey was based on 200 smartphone owners in each of the four age groups: 18 to 29, 30 to 49, 50 to 64, and 65+. a. At the 0.05 level of significance, is there evidence of a differ-ence among the age groups in the proportion of smartphone owners who have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion? b. Determine the p-value in (a) and interpret its meaning. c. If appropriate, use the Marascuilo procedure and a=0.05 to determine which age groups differ.
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How common are financial cost or contractual constraints associated with smartphone ownership? A survey of smartphone users found that 49% of the 18- to 29-year-olds, 40% of the 30- to 49-year-olds, 25% of the 50- to 64-year-olds, and 19% of those age 65 or older have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion: Suppose the survey was based on 200 smartphone owners in each of the four age groups: 18 to 29, 30 to 49, 50 to 64, and 65 and older What is the p-value?
How common are financial cost or contractual constraints associated with smartphone ownership? A survey of smartphone users found that 49% of the 18- to 29-year-olds, 40% of the 30- to 49-year-olds, 25% of the 50- to 64-year-olds, and 19% of those age 65 or older have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion: Suppose the survey was based on 200 smartphone owners in each of the four age groups: 18 to 29, 30 to 49, 50 to 64, and 65 and older The test statistic is χ2STAT = ? (Round to three decimial places)
How common are financial cost or contractual constraints associated with smartphone ownership? A survey of smartphone users found that 49% of the 18- to 29-year-olds, 37% of the 30- to 49-year-olds, 22% of the 50- to 64-year-olds, and 19% of those age 65 or older have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion: Suppose the survey was based on 200 smartphone owners in each of the four age groups: 18 to 29, 30 to 49, 50 to 64, and 65 and older. Complete parts (a) and (b) below. Use the table here to enter your data then use the TI-84 Tests. Reached Max Data 18-29 30-49 50-64 65+ Yes No Totals At the 0.05 level of significance, is there evidence of a difference among the age groups in the proportion of smartphone owners who have reached the maximum amount of data they are allowed to use as…
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Indicate whether the statement is true or false, and justify your answer.If the quality of cars is normally distributed rather than uniformly distributed, the market will not unravel.

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