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- From: Mathematics, Calculus
- Posted on: Fri 16 Jan, 2015
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Question 1
Probabilistic techniques assume that no uncertainty exists in model parameters.
Answer
True
False
2 points
Question 2
Fixed cost is the difference between total cost and total variable cost.
Answer
True
False
2 points
Question 3
Parameters are known, constant values that are usually coefficients of variables in equations.
Answer
True
False
2 points
Question 4
If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
Answer
True
False
2 points
Question 5
If events A and B are independent, then P(A|B) = P(B|A).
Answer
True
False
2 points
Question 6
P(A | B) is the probability of event A, if we already know that event B has occurred.
Answer
True
False
2 points
Question 7
A binomial probability distribution indicates the probability of r successes in n trials.
Answer
True
False
2 points
Question 8
The purpose of break-even analysis is to determine the number of units of a product to sell that will
Answer
appeal to the consumer
result in a profit
result in a loss
result in zero profit
2 points
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?
Answer
166.67
200
250
500
2 points
Question 10
A model is a functional relationship that includes:
Answer
variables
parameters
equations
all of the above
2 points
Question 11
A university is planning a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume 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?
Answer
100
120
150
175
2 points
Question 12
The area under the normal curve represents probability, and the total area under the curve sums to
Answer
0
1
2
None of the above
2 points
Question 13
In a binomial distribution, for each of n trials, the event
Answer
time between trials is constant
always has the same probability of occurring
result of the first trial influence the next trial
trials are continuous
2 points
Question 14
The expected value of the standard normal distribution is equal to
Answer
0
1
2
None of the above
2 points
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.
Answer
2 points
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.
Answer
2 points
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.
Answer
2 points
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}
Answer
2 points
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.
Answer
2 points
Question 20
The variance of the standard normal distribution is equal to __________.
Answer
Solution Description

** **

Question 1

Probabilistic techniques assume that no uncertainty exists in model parameters.

Answer

True

False

2 points

Question 2

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

Answer

True

False

2 points

Question 3

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

Answer

True

False

2 points

Question 4

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

Answer

True

False

2 points

Question 5

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

Answer

True

False

2 points

Question 6

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

Answer

True

False

2 points

Question 7

A binomial probability distribution indicates the probability of r successes in n trials.

Answer

True

False