Question 1
2 out of 2 points
Probabilistic techniques assume that no uncertainty exists in
model parameters.
Question 2
2 out of 2 points
In general, an increase in price increases the break even
point if all costs are held constant.
Question 3
2 out of 2 points
If variable costs increase, but price and fixed costs are
held constant, the break even point will decrease.
Question 4
2 out of 2 points
Fixed cost is the difference between total cost and total
variable cost.
Question 5
0 out of 2 points
The events in an experiment are mutually exclusive if only
one can occur at a time.
Question 6
2 out of 2 points
A continuous random variable may assume only integer values
within a given interval.
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.
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?
Question 9
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?
Question 10
2 out of 2 points
If the price increases but fixed and variable costs do not
change, the break even point
Question 11
2 out of 2 points
The indicator that results in total revenues being equal to
total cost is called the
Question 12
2 out of 2 points
The expected value of the standard normal distribution is
equal to
Question 13
2 out of 2 points
In a binomial distribution, for each of n trials, the event
Question 14
2 out of 2 points
The area under the normal curve represents probability, and
the total area under the curve sums to
Question 15
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.
Question 16
2 out of 2 points
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 17
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.
Question 18
2 out of 2 points
The variance of the standard normal distribution is equal to
__________.
Question 19
2 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)
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?
.71
Question 20
0 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}
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