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##### Strayer MAT540 quiz 1

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Question;Question 1;If;variable costs increase, but price and fixed costs are held constant, the break;even point will decrease.;Answer;True;False;Question 2;Probabilistic;techniques assume that no uncertainty exists in model parameters.;Answer;True;False;Question 3;In;general, an increase in price increases the break even point if all costs are;held constant.;Answer;True;False;Question 4;Parameters;are known, constant values that are usually coefficients of variables in;equations.;Answer;True;False;Question 5;A;continuous random variable may assume only integer values within a given;interval.;Answer;True;False;Question 6;A;binomial probability distribution indicates the probability of r successes in n;trials;Answer;True;False;Question 7;If;events A and B are independent, then P(A|B) = P(B|A);Answer;True;False;Question 8;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;$30;$40;$48;$62;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;Question 10;If;the price increases but fixed and variable costs do not change, the break even;point;Answer;Decreases;Increases;remains;the same;may;increase or decrease, depending on sales;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;Question 12;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;Question 13;The;expected value of the standard normal distribution is equal to;Answer;0;1;2;None;of the above;Question 14;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;Question 15;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;Question 16;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;Question 17;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;Question;18;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;Question;19;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.;Question;20;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?;Answer

Paper#60200 | Written in 18-Jul-2015

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