MAT 540 WEEK 2 QUIZ 1 LATEST

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MAT 540 WEEK 2 QUIZ 1 LATEST

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MAT 540 Week 2 Quiz 1 Latest

MAT540

MAT 540 Week 2 Quiz 1 Latest

Question 1

Probabilistic techniques assume that no uncertainty exists in model parameters.

Question 2

In general, an increase in price increases the break even point if all costs are held constant.

Question 3

If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.

Question 4

Fixed cost is the difference between total cost and total variable cost.

Question 5

The events in an experiment are mutually exclusive if only one can occur at a time.

Question 6

A continuous random variable may assume only integer values within a given interval.

Question 7

P(A | B) is the probability of event A, if we already know that event B has occurred.

Question 8

A bed and breakfast breaks even every month if they book 30 rooms over the course of a month. Their

fixed cost is \$4200 per month and the revenue they receive from each booked room is \$180. What their

variable cost per occupied room?

Question 9

EKA manufacturing company produces Part # 2206 for the aerospace industry. Each unit of part # 2206

is sold for \$15. The unit production cost of part # 2206 is \$3. The fixed monthly cost of operating the

production facility is \$3000. How many units of part # 2206 have to be sold in a month to break-even?

Question 10

If the price increases but fixed and variable costs do not change, the break even point

Question 11

The indicator that results in total revenues being equal to total cost is called the

Question 12

The expected value of the standard normal distribution is equal to

Question 13

In a binomial distribution, for each of n trials, the event

Question 14

The area under the normal curve represents probability, and the total area under the curve sums to

Question 15

Administrators at a university are planning to offer a summer seminar. The costs of reserving a room,

hiring an instructor, and bringing in the equipment amount to \$3000.

Suppose that it costs \$25 per student for the administrators to provide the course materials. If we know

that 20 people will attend, what price should be charged per person to break even? Note: please report

the result as a whole number, rounding if necessary and omitting the decimal point.

Question 16

A production run of toothpaste requires a fixed cost of \$100,000. The variable cost per unit is \$3.00. If

50,000 units of toothpaste will be sold during the next month, what sale price must be chosen in order to

break even at the end of the month? Note: please report the result as a whole number, rounding if

necessary and omitting the decimal point.

Question 17

A production process requires a fixed cost of \$50,000. The variable cost per unit is \$25 and the revenue

per unit is projected to be \$45. Find the break-even point.

Question 18

The variance of the standard normal distribution is equal to __________.

Question 19

Employees of a local company are classified according to gender and job type. The following table

summarizes the number of people in each job category.

If an employee is selected at random, what is the probability that the employee is female or works as a

Question 20

Wei is considering pursuing an MS in Information Systems degree. She has applied to two different

universities. The acceptance rate for applicants with similar qualifications is 20% for University X and 45%

for University Y. What is the probability that Wei will be accepted by at least one of the two universities?

{Express your answer as a percent. Round (if necessary) to the nearest whole percent and omit the

decimal. For instance, 20.1% would be written as 20}