06 Jun MAT 540 Week 2 Quiz 1 Set 1 QUESTIONS NEW
stion 1: Parameters are known, constant values that are usually coefficients of variables in equations.
Question 2: If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
Question 3: Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 4: Fixed cost is the difference between total cost and total variable cost.
Question 5: A binomial probability distribution indicates the probability of r successes in n trials.
Question 6: The events in an experiment are mutually exclusive if only one can occur at a time.
Question 7: If events A and B are independent, then P(A|B) = P(B|A).
Question 8: If fixed costs increase, but variable cost and price remain the same, the break even point
Question 9: If the price increases but fixed and variable costs do not change, the break even point
Question 10: 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 11: 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 12: In a binomial distribution, for each of n trials, the event
Question 13: The expected value of the standard normal distribution is equal to
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 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 17: Administrators at a university will charge students $158 to attend a seminar. It costs $2160 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $50 per student for the administrators to provide the course materials. How many students would have to register for the seminar for the university to break even?Note: please report the result as a whole number, omitting the decimal point.
Question 18: 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}
Question 19: An inspector correctly identifies defective products 90% of the time. For the next 10 products, what is the probability that he makes fewer than 2 incorrect inspections?Note: Please report your answer with two places to the right of the decimal, rounding if appropriate.
Question 20: An automotive center keeps tracks of customer complaints received each week. The probability distribution for complaints can be represented as a table (shown below). The random variable xi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.
xi 0 1 2 3 4 5 6
p(xi) .10 .15 .18 .20 .20 .10 .07
What is the average number of complaints received per week? Note: Please report your answer with two places to the right of the decimal, rounding if appropriate.
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