A company is considering two insurance plans with the following types of coverage and premiums:Plan A Plan B$26000 $33000$185000 $137000$60Fire/TheftLiabilityMonthly Premium $70Premiums are sold in units. For example, one can buy one unit of plan A insurance for $70,.00 per month and receive $26,000.00 inTheft/Fire insurance. Two units of plan À insurance cost $140.00 per month and give $52,000.00 in Theft/Fire insurance.The company wants at loast $781,000.00 in coverage for Thefu/Fire insurance and $4,090,000.00 in coverage for liability insurance.How many units of each plan should be purchased to meet the needs of the company while minimizing cost?The company should purchaseunits of plan A andunits of plan B.What is the minimum monthly premium for the company?(Note: your answer is a dollar amount and shouldinclude a dollar symbol).

Linear programming toll is the which takes into consideration certain linear relationships to obtain…

A company is considering two insurance plans with the following types of coverage and premiums: Plan A Plan B $26000 $33000 $185000 $137000 $60 Fire/Theft Liability Monthly Premium $70 Premiums are sold in units. For example, one can buy one unit of plan A insurance for $70.00 per month and receive $26,000.00 in Theft/Fire insurance. Two units of plan A insurance cost $140.00 per month and give $52,000.00 in Theft/Fire insurance. The company wants at leoast $781,000.00 in coverage for Thef/Fire insurance and $4,090,000.00 in coverage for liability insurance. How many units of each plan should be purchased to meet the needs of the company while minimizing cost? The company should purchase units of plan A and units of plan B. What is the minimum monthly premium for the company? (Note: your answer is a dollar amount and should include a dollar symbol).

A company is considering two insurance plans with the following types of coverage and premiums: Plan A Plan B $26000 $33000 $185000 $137000 $60 Fire/Theft Liability Monthly Premium $70 Premiums are sold in units. For example, one can buy one unit of plan A insurance for $70.00 per month and receive $26,000.00 in Theft/Fire insurance. Two units of plan A insurance cost $140.00 per month and give $52,000.00 in Theft/Fire insurance. The company wants at leoast $781,000.00 in coverage for Thef/Fire insurance and $4,090,000.00 in coverage for liability insurance. How many units of each plan should be purchased to meet the needs of the company while minimizing cost? The company should purchase units of plan A and units of plan B. What is the minimum monthly premium for the company? (Note: your answer is a dollar amount and should include a dollar symbol).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section11.4: Marketing Models

Problem 33P

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