Strayer mat540 quiz 1
- Fixed cost is the difference between total cost and total variable cost.
Question 2
In general, an increase in price increases the break even point if all costs are held constant.
Question 3
Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 4
- If
variable costs increase, but price and fixed costs are held constant, the
break even point will decrease.
Question 5
The events in an experiment are mutually exclusive if only one can occur at a time. True
Question 6
A binomial
probability distribution indicates the probability of r successes in n trials.
Question 7
A continuous random variable may assume only integer values within a given interval.
Question 8
If fixed costs increase, but variable cost and price remain the same, the break even point
Question 9
If the price increases but fixed and variable costs do not change, the break even point
Question 10
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?
Question 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?
Question 12
The expected value of the standard normal distribution is equal to
Question 13
In a binomial distribution, for each of n trials, the event
Question 14
The area under the normal curve represents probability, and the total area under the curve sums to
Question 15
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.
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.
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. .
Question 19
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?
Question 20
The
variance of the standard normal distribution is equal to __________.
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Solution: Strayer mat540 quiz 1