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# MAT 540 Strayer Spring 2013 Quiz 1 Anwsers

Question 1
2 out of 2 points
In general, an increase in price increases the break even point if all costs are held constant.

False

False

Question 2
2 out of 2 points
Probabilistic techniques assume that no uncertainty exists in model parameters.

False

False

Question 3
2 out of 2 points
Fixed cost is the difference between total cost and total variable cost.

True

True

Question 4
2 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in equations.

True

True

Question 5
2 out of 2 points
If events A and B are independent, then P(A|B) = P(B|A).

False

False

Question 6
2 out of 2 points
The events in an experiment are mutually exclusive if only one can occur at a time.

True

True

Question 7
2 out of 2 points

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

True

True

Question 8
2 out of 2 points
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?
\$40
\$40

Question 9
2 out of 2 points
If fixed costs increase, but variable cost and price remain the same, the break even point
increases

increases

Question 10
2 out of 2 points
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?
250
250

Question 11
2 out of 2 points
A model is a functional relationship that includes:
all of the above
all of the above

Question 12
2 out of 2 points
In a binomial distribution, for each of n trials, the event
always has the same probability of occurring
always has the same probability of occurring

Question 13
2 out of 2 points
The expected value of the standard normal distribution is equal to

0
0

Question 14
2 out of 2 points
The area under the normal curve represents probability, and the total area under the curve sums to
1
1

Question 15
2 out of 2 points
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.

2500 units

Evaluation Method

Exact Match

2500

Exact Match

2,500

Case Sensitivity

Question 16
2 out of 2 points
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.

20

Evaluation Method
Exact Match

20

Case Sensitivity

Question 17
2 out of 2 points
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.

175

Evaluation Method

Exact Match

\$175

Exact Match

175

Case Sensitivity

Question 18
2 out of 2 points
The variance of the standard normal distribution is equal to __________.

Evaluation Method

1

Exact Match

Case Sensitivity

Question 19
2 out of 2 points
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
p(xi)

0
.10

1
.15

2
.18

3
.20

4
.20

5
.10

6
.07

places to the right of the decimal, rounding if appropriate.

2.83

Evaluation Method

Exact Match

2.83

Exact Match

2.82

Exact Match

2.84

Case Sensitivity

Question 20
2 out of 2 points

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}