mat 540 quiz 1

Question 12 out of 2 points

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

Selected Answer:False

Correct Answer:False


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




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

Selected Answer:True

Correct Answer:True


Probabilistic techniques assume that no uncertainty exists in model parameters.Answer




The events in an experiment are mutually exclusive if only one can occur at a time.Answer


Correct Answer:True


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




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




The indicator that results in total revenues being equal to total cost is called theAnswer

Selected Answer:break-even point

Correct Answer:break-even point


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

Selected Answer:175

Correct Answer:175


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?Answer

Selected Answer:$40

Correct Answer:$40


A model is a functional relationship that includes:Answer

Selected Answer:all of the above

Correct Answer:all of the above


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

Selected Answer:1

Correct Answer:1


The expected value of the standard normal distribution is equal toAnswer

Selected Answer:0

Correct Answer:0


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

Selected Answer:always has the same probability of occurring

Correct Answer:always has the same probability of occurring


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.Answer

Selected Answer: 2500

Correct Answer:

Evaluation MethodCorrect AnswerCase Sensitivity

Exact Match2500

Exact Match2,500


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


Correct Answer:


Exact Match$175

Exact Match175


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

Selected Answer: 20

Correct Answer:


Exact Match20


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

Selected Answer: 56

Correct Answer:


Exact Match56


Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category. Male (M)Female (F)JobAdministrative (AD) 110 10Salaried staff (SS) 30 50Hourly staff (HS) 60 40If an employee is selected at random, what is the probability that the employee is female or works as a member of the administration?Answer

Selected Answer: .70

Correct Answer:


Exact Match0.70

Exact Match0.69

Exact Match0.71

Exact Match.70

Exact Match.69

Exact Match.71


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 xirepresents the number of complaints, and p(xi) is the probability of receiving xicomplaints.xi0123456

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.Answer

Selected Answer: .15

Correct Answer:


Exact Match2.83

Exact Match2.82

Exact Match2.84


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


Correct Answer:True


Probabilistic techniques assume that no uncertainty exists in model parameters.Answer




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




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


Correct Answer:True


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




The events in an experiment are mutually exclusive if only one can occur at a time.Answer


Correct Answer:True


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


Correct Answer:True


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?Answer

Selected Answer:$40

Correct Answer:$40


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

Selected Answer:200

Correct Answer:250


A model is a functional relationship that includes:Answer

Selected Answer:all of the above

Correct Answer:all of the above


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

Selected Answer:175

Correct Answer:175


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

Selected Answer:1

Correct Answer:1


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

Selected Answer:always has the same probability of occurring

Correct Answer:always has the same probability of occurring


The expected value of the standard normal distribution is equal toAnswer

Selected Answer:0

Correct Answer:0


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.Answer


Correct Answer:


Exact Match2500

Exact Match2,500


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

Selected Answer: 20

Correct Answer:


Exact Match20


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


Correct Answer:


Exact Match$175

Exact Match175


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

Selected Answer: 1

Correct Answer:


Exact Match1


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

Selected Answer: 56

Correct Answer:


Exact Match56


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

Selected Answer: 0.736

Correct Answer:


Exact Match0.74

Exact Match0.73

Exact Match.74

Exact Match.73

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mat 540 quiz 1