An insurance company insures a persons antique coin, Operation Management

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An insurance company insures a persons antique coin

An insurance company insures a person's antique coin collection worth $30,000 for an annual premium of $200. If the company figures that the probability of the collection being stolen is 0.0014.

(a) What will be the company's expected profit?

(b) What will be the company's break-even price? (i.e the price and company should change if they wanted to make zero profit or loss

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Operation Management: An insurance company insures a persons antique coin

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