Mat 540 Quiz 1

Topics: Normal distribution, Costs, Variable cost Pages: 7 (1028 words) Published: July 10, 2013
Question 1
2 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: |  False|
Correct Answer: |  False|
| | | |
Question 2
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 3
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 4
2 out of 2 points
| |
| Probabilistic techniques assume that no uncertainty exists in model parameters.  Answer | | | |
| Selected Answer: |  False|
Correct Answer: |  False|
| | | |
Question 5
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 6
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 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 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 9
2 out of 2 points
| |
| If fixed costs increase, but variable cost and price remain the same, the break even pointAnswer | | | | | Selected Answer:|    increases|
Correct Answer:|    increases|
| | | |
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 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?Answer | | | | | Selected Answer:|    $40|

Correct Answer:|    $40|
| | | |
Question 12
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 13
0 out of 2 points
| |
| The expected value of the standard normal distribution is equal toAnswer | | | | | Selected Answer:|    2|
Correct Answer:|    0|
| | | |
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 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...
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