An Insurance Company Has Three Secretaries,A,B,and C,who Are Each Capable

question 48

Essay

An insurance company has three secretaries,A,B,and C,who are each capable of processing four different types of insurance claims.The amount of time required by each secretary to process a particular type of a claim is summarized in the following table.

On a typical week,the insurance firm has 5 type 1 claims,4 type 2 claims,2 type 3 claims,and 3 type 4 claims.Each secretary works a maximum of 40 hours per week.The office manager wants to know how many of each type of an insurance claim should be processed by each secretary to minimize the total processing time.Use Excel to formulate and solve this problem.

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Definitions:

Supply-Side

Refers to economic policies or theories focusing on boosting production and supply as the key to stimulating economic growth, as opposed to demand-side measures.

Generic Competition

Occurs when products or services that are similar but not branded compete in the market.

Product Type

Refers to the classification of a product based on its characteristics, purpose, and the needs it fulfills in the market.

Cross-Elasticity Data

Information that measures how the quantity demanded of one good changes in response to a price change of another good.