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Strayer Mat540 quiz 1 Spring 2014

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Question;Question 1Parameters are known, constant values that are usually coefficients of variables in equations.AnswerTrueFalse2 points Question 2In general, an increase in price increases the break even point if all costs are held constant.AnswerTrueFalse2 points Question 3Fixed cost is the difference between total cost and total variable cost.AnswerTrueFalse2 points Question 4If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.AnswerTrueFalse2 points Question 5A continuous random variable may assume only integer values within a given interval.AnswerTrueFalse2 points Question 6If events A and B are independent, then P(A|B) = P(B|A).AnswerTrueFalse2 points Question 7P(A | B) is the probability of event A, if we already know that event B has occurred.AnswerTrueFalse2 points Question 8A model is a functional relationship that includes:Answervariablesparametersequationsall of the above2 points Question 9A 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$622 points Question 10A 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?Answer1001201501752 points Question 11If the price increases but fixed and variable costs do not change, the break even pointAnswerdecreasesincreasesremains the samemay increase or decrease, depending on sales2 points Question 12The expected value of the standard normal distribution is equal toAnswer012None of the above2 points Question 13In a binomial distribution, for each of n trials, the eventAnswertime between trials is constantalways has the same probability of occurringresult of the first trial influence the next trialtrials are continuous2 points Question 14The area under the normal curve represents probability, and the total area under the curve sums toAnswer012None of the above2 points Question 15A 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.Answer2 points Question 16A 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.Answer2 points Question 17Administrators 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.Answer2 points Question 18An 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.Answer2 points Question 19Employees 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 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?Answer2 points Question 20An 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.xi0123456p(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

 

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