strayer-mat540-week-1-quiz

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UESTION 1

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

2 points

QUESTION 2

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

2 points

QUESTION 3

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

2 points

QUESTION 4

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

2 points

QUESTION 5

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

2 points

QUESTION 6

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

2 points

QUESTION 7

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

2 points

QUESTION 8

  1. The indicator that results in total revenues being equal to total cost is called the

2 points

QUESTION 9

  1. If the price increases but fixed and variable costs do not change, the break even point

2 points

QUESTION 10

  1. 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?

2 points

QUESTION 11

  1. 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?

2 points

QUESTION 12

  1. The area under the normal curve represents probability, and the total area under the curve sums to

2 points

QUESTION 13

  1. The expected value of the standard normal distribution is equal to

2 points

QUESTION 14

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

2 points

QUESTION 15

  1. 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.

2 points

QUESTION 16

  1. 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.

2 points

QUESTION 17

  1. 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.

2 points

QUESTION 18

  1. 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.

2 points

QUESTION 19

  1. 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}

2 points

QUESTION 20

  1. 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)
    Job
    Administrative (AD) 110 10
    Salaried staff (SS) 30 50
    Hourly staff (HS) 60 40

    If an employee is selected at random, what is the probability that the employee is female or works as a member of the administration?

2 points

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