MAT 540 QUIZ 1 (SOLUTION 20/20) - 87119

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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

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