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

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Question 1

Probabilistic techniques assume that no uncertainty exists in model parameters.

True

False

2 points

Question 2

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

True

False

2 points

Question 3

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

True

False

2 points

Question 4

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

True

False

2 points

Question 5

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

True

False

2 points

Question 6

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

True

False

2 points

Question 7

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

True

False

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