06 Jun MAT 540 Week 2 Quiz 1 Set 2 QUESTIONS NEW
Question 2 Fixed cost is the difference between total cost and total variable cost.
Question 3 If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
Question 4 Parameters are known, constant values that are usually coefficients of variables in equations.
Question 5 If events A and B are independent, then P(A|B) = P(B|A).
Question 6 A continuous random variable may assume only integer values within a given interval.
Question 7 The events in an experiment are mutually exclusive if only one can occur at a time.
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 The indicator that results in total revenues being equal to total cost is called the
Question 11 A model is a functional relationship that includes:
Question 12 In a binomial distribution, for each of n trials, the event
Question 13 The area under the normal curve represents probability, and the total area under the curve sums to
Question 14 The expected value of the standard normal distribution is equal to
Question 15 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 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 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 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.
Male (M) Female (F)
Job
Administrative (AD) 110 10
Salaried staff (SS) 30 50
Hourly staff (HS) 60 40
If an employee is selected at random, what is the probability that the employee is female or works as a member of the administration?
Question 20 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.
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