Business, 24.09.2020 14:01, jamesmith20
The Primo Insurance Company is introducing two new product lines: special risk insurance and mortgages. The expected profit is $2 per unit on special risk insurance and $5 per unit on mortgages. Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work requirements are as follows:
Working-Hours per Unit
Working-Hours
Department Special risk Mortage Available
Underwriting 3 2 2,400
Administration 0 1 800
Claims 2 0 1,200
A. Formulate a linear programming model for this problem.
B. Use the graphical method to solve this problem.
C. Verify the exact value of your optimal solution from part (B) by solving algebraically forthe simultaneous solution of the relevant two equations
Answers: 1
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