MAT 540 Quiz 1

• Question 1
2 out of 2 points Probabilistic techniques assume that no uncertainty exists in model parameters. Answer Selected Answer: False
Correct Answer: False • Question 2
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 3
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 4
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 5
2 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 6
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 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 If fixed costs increase, but variable cost and price remain the same, the break even point
Answer
Selected Answer: increases Correct Answer: increases • Question 9
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 10
2 out of 2 points EKA