mat 540 quiz 1
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MAT 540 Strayer Quiz 1TRANSCRIPT
Question 12 out of 2 points
In general, an increase in price increases the break even point if all costs are held constant.Answer
Selected Answer:False
Correct Answer:False
Question 22 out of 2 points
If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.Answer
Selected Answer:False
Correct Answer:False
Question 32 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in equations.Answer
Selected Answer:True
Correct Answer:True
Question 42 out of 2 points
Probabilistic techniques assume that no uncertainty exists in model parameters.Answer
Selected Answer:False
Correct Answer:False
Question 52 out of 2 points
The events in an experiment are mutually exclusive if only one can occur at a time.Answer
Selected Answer:True
Correct Answer:True
Question 62 out of 2 points
If events A and B are independent, then P(A|B) = P(B|A).Answer
Selected Answer:False
Correct Answer:False
Question 72 out of 2 points
A continuous random variable may assume only integer values within a given interval.Answer
Selected Answer:False
Correct Answer:False
Question 82 out of 2 points
The indicator that results in total revenues being equal to total cost is called theAnswer
Selected Answer:break-even point
Correct Answer:break-even point
Question 92 out of 2 points
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
Selected Answer:175
Correct Answer:175
Question 102 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?Answer
Selected Answer:$40
Correct Answer:$40
Question 112 out of 2 points
A model is a functional relationship that includes:Answer
Selected Answer:all of the above
Correct Answer:all of the above
Question 122 out of 2 points
The area under the normal curve represents probability, and the total area under the curve sums toAnswer
Selected Answer:1
Correct Answer:1
Question 132 out of 2 points
The expected value of the standard normal distribution is equal toAnswer
Selected Answer:0
Correct Answer:0
Question 142 out of 2 points
In a binomial distribution, for each of n trials, the eventAnswer
Selected Answer:always has the same probability of occurring
Correct Answer:always has the same probability of occurring
Question 152 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.Answer
Selected Answer: 2500
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match2500
Exact Match2,500
Question 162 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.Answer
Selected Answer: 175
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match$175
Exact Match175
Question 172 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.Answer
Selected Answer: 20
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match20
Question 182 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}Answer
Selected Answer: 56
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match56
Question 192 out of 2 points
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)JobAdministrative (AD) 110 10Salaried staff (SS) 30 50Hourly 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?Answer
Selected Answer: .70
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match0.70
Exact Match0.69
Exact Match0.71
Exact Match.70
Exact Match.69
Exact Match.71
Question 200 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 xirepresents the number of complaints, and p(xi) is the probability of receiving xicomplaints.xi0123456
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.Answer
Selected Answer: .15
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match2.83
Exact Match2.82
Exact Match2.84
Question 12 out of 2 points
Fixed cost is the difference between total cost and total variable cost.Answer
Selected Answer:True
Correct Answer:True
Question 22 out of 2 points
Probabilistic techniques assume that no uncertainty exists in model parameters.Answer
Selected Answer:False
Correct Answer:False
Question 32 out of 2 points
In general, an increase in price increases the break even point if all costs are held constant.Answer
Selected Answer:False
Correct Answer:False
Question 42 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in equations.Answer
Selected Answer:True
Correct Answer:True
Question 52 out of 2 points
If events A and B are independent, then P(A|B) = P(B|A).Answer
Selected Answer:False
Correct Answer:False
Question 62 out of 2 points
The events in an experiment are mutually exclusive if only one can occur at a time.Answer
Selected Answer:True
Correct Answer:True
Question 70 out of 2 points
P(A | B) is the probability of event A, if we already know that event B has occurred.Answer
Selected Answer:False
Correct Answer:True
Question 82 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?Answer
Selected Answer:$40
Correct Answer:$40
Question 90 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?Answer
Selected Answer:200
Correct Answer:250
Question 102 out of 2 points
A model is a functional relationship that includes:Answer
Selected Answer:all of the above
Correct Answer:all of the above
Question 112 out of 2 points
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
Selected Answer:175
Correct Answer:175
Question 122 out of 2 points
The area under the normal curve represents probability, and the total area under the curve sums toAnswer
Selected Answer:1
Correct Answer:1
Question 132 out of 2 points
In a binomial distribution, for each of n trials, the eventAnswer
Selected Answer:always has the same probability of occurring
Correct Answer:always has the same probability of occurring
Question 142 out of 2 points
The expected value of the standard normal distribution is equal toAnswer
Selected Answer:0
Correct Answer:0
Question 152 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.Answer
Selected Answer: 2500
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match2500
Exact Match2,500
Question 162 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.Answer
Selected Answer: 20
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match20
Question 172 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.Answer
Selected Answer: 175
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match$175
Exact Match175
Question 182 out of 2 points
The variance of the standard normal distribution is equal to __________.Answer
Selected Answer: 1
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match1
Question 192 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}Answer
Selected Answer: 56
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match56
Question 200 out of 2 points
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
Selected Answer: 0.736
Correct Answer:
Evaluation MethodCorrect AnswerCase Sensitivity
Exact Match0.74
Exact Match0.73
Exact Match.74
Exact Match.73