# Mat 540 Quizzes 1 and 2 Questions and Answers

Pages: 14 (2128 words) Published: May 12, 2013
* Question 1
2 out of 2 points
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| In general, an increase in price increases the break even point if all costs are held constant.   Answer| | | |
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* Question 2
0 out of 2 points
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| Fixed cost is the difference between total cost and total variable cost.   Answer| | | |
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* Question 3
0 out of 2 points
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| If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.   Answer| | | |
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* Question 4
2 out of 2 points
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| Parameters are known, constant values that are usually coefficients of variables in equations.Answer| | | | | Selected Answer:|  True|
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* Question 5
2 out of 2 points
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| If events A and B are independent, then P(A|B) = P(B|A).  Answer| | | |
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* Question 6
2 out of 2 points
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| P(A | B) is the probability of event A, if we already know that event B has occurred.   Answer| | | |
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* Question 7
2 out of 2 points
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| The events in an experiment are mutually exclusive if only one can occur at a time.Answer| | | | | Selected Answer:|  True|
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* Question 8
2 out of 2 points
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| A model is a functional relationship that includes:Answer| | | | | Selected Answer:|   all of the above|
Correct Answer:|   all of the above|
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* Question 9
2 out of 2 points
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| The indicator that results in total revenues being equal to total cost is called theAnswer| | | | | Selected Answer:|   break-even point|
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* Question 10
2 out of 2 points
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| The purpose of break-even analysis is to determine the number of units of a product to sell that willAnswer| | | | | Selected Answer:|   result in zero profit|
Correct Answer:|   result in zero profit|
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* Question 11
2 out of 2 points
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| 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|

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* Question 12
2 out of 2 points
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| The expected value of the standard normal distribution is equal toAnswer| | | | | Selected Answer:|   0|
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* Question 13
2 out of 2 points
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| 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|

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* Question 14
2 out of 2 points
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| The area under the normal curve represents probability, and the total area under the curve sums toAnswer| | | | | Selected Answer:|   1|
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* Question 15
2 out of 2 points
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| 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...