MAT 540 Quiz 1. 20/20. Get an A++. - 63158

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Question 1

Probabilistic techniques assume that no uncertainty exists in model parameters.

 

Question 2

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

 

Question 3

Parameters are known, constant values that are usually coefficients of variables in equations.

 

Question 4

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

 

Question 5

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

 

Question 6

If events A and B are independent, then P(A|B) = P(B|A).

 

Question 7

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

 

Question 8

The purpose of break]even analysis is to determine the number of units of a product to sell that

will

 

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 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

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

sums to

 

Question 14

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

 

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

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 17

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 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 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.

 

Question 20

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

Solution Description

Question 1

Probabilistic techniques assume that no uncertainty exists in model parameters.

 

Question 2

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

 

Question 3

Parameters are known, constant values that are usually coefficients of variables in equations.

 

Question 4

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

 

Question 5

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

 

Question 6

If events A and B are independent, then P(A|B) = P(B|A).

 

Question 7

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

 

Question 8

The purpose of break]even analysi

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