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Strayer University MAT540 All Questions: Quiz 1

Set 1

1. Probabilistic techniques assume that no uncertainty exists in

model parameters.

2. If variable costs increase, but price and fixed costs are held

constant, the break even point will decrease.

3. Parameters are known, constant values that are usually

coefficients of variables in equations.

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

cost.

5. A binomial probability distribution indicates the probability of r

successes in n trials.

6. The events in an experiment are mutually exclusive if only one

can occur at a time.

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

8. If the price increases but fixed and variable costs do not change,

the break even point

9. The purpose of break-even analysis is to determine the number

of units of a product to sell that will

10. The indicator that results in total revenues being equal to total

cost is called the

11. 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?

12. The expected value of the standard normal distribution is equal

to

13. The area under the normal curve represents probability, and the

total area under the curve sums to

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

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.

16. 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.

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.

18. 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             40If an employee is selected at

random, what is the probability that the employee is female or

works as a member of the administration?

19. 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}

20. 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.

Set 2

1. Parameters are known, constant values that are usually

coefficients of variables in equations.

2. If variable costs increase, but price and fixed costs are held

constant, the break even point will decrease.

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

cost.

4. In general, an increase in price increases the break even point if

all costs are held constant.

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

event B has occurred.

 

6. A binomial probability distribution indicates the probability of r

successes in n trials.

7. The events in an experiment are mutually exclusive if only one

can occur at a time.

8. The purpose of break-even analysis is to determine the number

of units of a product to sell that will

9. 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?

10. A model is a functional relationship that includes:

11. 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?

12. The expected value of the standard normal distribution is equal

to

13. The area under the normal curve represents probability, and the

total area under the curve sums to

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

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.

16. 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.

17. 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.

18. The variance of the standard normal distribution is equal to

__________.

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. 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.

20. 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.