The Primo Insurance Company is introducing two new product lines
The Primo Insurance Company is introducing two new product lines: special risk insurance and mortgages. The expected profit is $5 per unit on special risk insurance and $2 for mortgages. Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work requirements are shown below:
| Work Hours Per Unit | |||
|---|---|---|---|
| Department | Special Risk | Mortgage | Work-Hours Available |
| Underwriting | 3 | 2 | 2400 |
| Administration | 0 | 1 | 800 |
| Claims | 2 | 0 | 1200 |
(c) Formulate and solve a linear programming model for this problem on a spreadsheet using the format below to develop your own spreadsheet; when completed, attach your Excel file to your answer. Use Solver in Excel (Data tab> Solver). Note that there are SUMPRODUCT functions in the Total Profit" cell, and three separate SUMPRODUCT functions in the "Work-Hours Used" cells.
Homework Answers
The Primo Insurance Company need to sell 600 units of Special Risk Insurance and 300 units of Mortgages for maximum profit and the maximum profit is $3,600.
A. Foriuiu new product lines: special risk insurance and mortgages. The expected profit is $5 per...
a. Foriuiu new product lines: special risk insurance and mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit on mortgages. r 2.12. The Primo Insurance Company is introducing two Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work requirements are shown below: Work-Hours per Unit Work-Hours Available 2,400 Special Department Risk Mortgage 2 Underwriting Administration Claims 3 0 2 800 0 1,200 a. Identify...
The Primo mortgages. The Insurance Company is introducing two new product lines
1. The Primo mortgages. The Insurance Company is introducing two new product lines: special risk insurance and expected profit is S5 per unit on special risk insurance and $2 per unit on mortgages. nagement wishes to establish sales quotas for the new product lines to maximize total expected profit The work requirements are as follows: Define the decision variables and formulate a linear programming model for this problem. (20 scores) 2. The board of directors of General Wheels Co. is considering six...
Brown Furniture Company makes three kinds of office furniture: chairs, desks, and tables. Each product requires...
Brown Furniture Company makes three kinds of office furniture:
chairs, desks, and tables. Each product requires skilled labor in
the parts fabrication department, unskilled labor in the assembly
department, machining on some key pieces of equipment, and some
wood as raw material. At current prices, the unit profit
contribution for each product is known, and the company can sell
everything it manufactures. The size of the workforce has been
established, so the number of skilled and unskilled labor hours is...
The Solomon Company is evaluating the feasibility of introducing a new product. To enter this market...
The Solomon Company is evaluating the feasibility of introducing a new product. To enter this market Solomon must invest in equipment costing $1,00,000. Each product sold is expected to have a variable cost of $10 per unit. The president of Solomon has said he wants the product to return all investment in the first year. What is Solomon's break-even point in units for the first year if the product is sold to customers for $40 per unit?
2. Your company is looking at introducing a new product into its product line. Your company expects that this new p...
2. Your company is looking at introducing a new product into its product line. Your company expects that this new product would be offered into perpetuity. It is expected to decrease the firm's FCFS immediately by $36 million and $22 million next year. Starting in year 2, the firm's FCFS will increase by $10 million. These incremental FCFS will then decrease at a rate of 2% into perpetuity (i.e. year 3's incremental FCF will be 10M*(1+(-0.02)) = 9.8M, and so...
I need the answer to include solver and excel. Thank you. A Company produces two products....
I need the answer to include solver and excel. Thank
you.
A Company produces two products. Relevant information for each product is shown in the Table below. The company has a goal of $48 in profits and incurs $1 penalty for each dollar it falls short of this goal. A total of 32 hours of labor are available. A $2 penalty is incurred for each hour of overtime (labor over 32 hours) used, and $1 penalty is incurred for each...
1. (30 points) There are two firms considering introducing a new product to the market. Each...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm carn either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
a. Foriuiu new product lines: special risk insurance and mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit on mortgages. r 2.12. The Primo Insurance Company is introducing two Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work requirements are shown below: Work-Hours per Unit Work-Hours Available 2,400 Special Department Risk Mortgage 2 Underwriting Administration Claims 3 0 2 800 0 1,200 a. Identify...
Brown Furniture Company makes three kinds of office furniture:
chairs, desks, and tables. Each product requires skilled labor in
the parts fabrication department, unskilled labor in the assembly
department, machining on some key pieces of equipment, and some
wood as raw material. At current prices, the unit profit
contribution for each product is known, and the company can sell
everything it manufactures. The size of the workforce has been
established, so the number of skilled and unskilled labor hours is...
2. Your company is looking at introducing a new product into its product line. Your company expects that this new product would be offered into perpetuity. It is expected to decrease the firm's FCFS immediately by $36 million and $22 million next year. Starting in year 2, the firm's FCFS will increase by $10 million. These incremental FCFS will then decrease at a rate of 2% into perpetuity (i.e. year 3's incremental FCF will be 10M*(1+(-0.02)) = 9.8M, and so...
I need the answer to include solver and excel. Thank
you.
A Company produces two products. Relevant information for each product is shown in the Table below. The company has a goal of $48 in profits and incurs $1 penalty for each dollar it falls short of this goal. A total of 32 hours of labor are available. A $2 penalty is incurred for each hour of overtime (labor over 32 hours) used, and $1 penalty is incurred for each...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm carn either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
1. (30 points) There are two firms considering introducing a new product to the market. Each firm can either set a high price or low price for its product. If both set a low price the market will be shared between the two firms. In this case, each firm expects to make a profit of $2m. If one firm sets a high price while the other sets a low price, the former is expected to make $1m and the latter...
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