Mat 540 Quizzes 1 and 2 Questions and Answers

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* Question 1
2 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 2
0 out of 2 points
| |
| Fixed cost is the difference between total cost and total variable cost.   Answer| | | |
| Selected Answer:|  False|
Correct Answer:|  True|
| | | |
* Question 3
0 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:|  True|
Correct Answer:|  False|
| | | |
* Question 4
2 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 5
2 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 6
2 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:|  True|
Correct Answer:|  True|
| | | |
* Question 7
2 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 8
2 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 9
2 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 10
2 out of 2 points
| |
| 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|
| | | |
* Question 11
2 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 12
2 out of 2 points
| |
| The expected value of the standard normal distribution is equal toAnswer| | | | | Selected Answer:|   0|
Correct Answer:|   0|
| | | |
* Question 13
2 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 14
2 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 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...
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