# Mat 540 Quizzes 1 and 2 Questions and Answers

**Topics:**Normal distribution, Variable cost, Fixed cost

**Pages:**14 (2128 words)

**Published:**May 12, 2013

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| | | |

| Selected Answer:| False|

Correct Answer:| False|

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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| | | |

| Selected Answer:| False|

Correct Answer:| True|

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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| | | |

| Selected Answer:| True|

Correct Answer:| False|

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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|

Correct 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| | | |

| Selected Answer:| False|

Correct Answer:| False|

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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| | | |

| Selected Answer:| True|

Correct Answer:| True|

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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|

Correct 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|

Correct 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|

Correct 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|

Correct 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|

Correct 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...

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