06 Jun MAT 540 Week 2 Quiz 1 Set 3 QUESTIONS NEW
Question 1 Parameters are known, constant values that are usually coefficients of variables in equations.
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 Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 5 If events A and B are independent, then P(A|B) = P(B|A).
Question 6 The events in an experiment are mutually exclusive if only one can occur at a time.
Question 7 A binomial probability distribution indicates the probability of r successes in n trials.
Question 8 A model is a functional relationship that includes:
Question 9 If the price increases but fixed and variable costs do not change, the break even point
Question 10 If fixed costs increase, but variable cost and price remain the same, the break even point
Question 11 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 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 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 16 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 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 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 The variance of the standard normal distribution is equal to __________.
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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