MAT 540 week 2 QUIZ
Question 1
2 out of 2 points
Probabilistic techniques assume that no uncertainty exists in model parameters.
False
False
• Question 2
2 out of 2 points
Parameters are known, constant values that are usually coefficients of variables in equations.
True
True
• Question 3
2 out of 2 points
In general, an increase in price increases the break even point if all costs are held constant.
False
False
• Question 4
2 out of 2 points
Fixed cost is the difference between total cost and total variable cost.
True
True
• Question 5
2 out of 2 points
A binomial probability distribution indicates the probability of r successes in n trials.
True
True
• 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.
True
True
• Question 7
2 out of 2 points
If events A and B are independent, then P(A|B) = P(B|A).
False
False
• Question 8
2 out of 2 points
If the price increases but fixed and variable costs do not change, the break even point
decreases
decreases
• 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?
175
175
• Question 10
2 out of 2 points
EKA manufacturing company produces Part # 2206 for the aerospace industry. Each unit of part # 2206 is sold for $15. The unit production cost of part # 2206 is $3. The fixed monthly cost of operating the production facility is $3000. How many units of part # 2206 have to be sold in a month to break-even?
• Question 11
2 out of 2 points
If fixed costs increase, but variable cost and price remain the same, the break even point
increases
increases
• Question 12
2 out of 2 points
The expected value of the standard normal distribution is equal to
0
0
• Question 13
2 out of 2 points
In a binomial distribution, for each of n trials, the event
always has the same probability of occurring
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 to
1
• Question 15
2 out of 2 points
A production run of toothpaste requires a fixed cost of $100,000. The variable cost per unit is $3.00. If 50,000 units of toothpaste will be sold during the next month, what sale price must be chosen in order to break even at the end of the month? Note: please report the result as a whole number, rounding if necessary and omitting the decimal point.
Evaluation Method Correct Answer Case Sensitivity
Exact Match $5
Exact Match 5
• Question 16
0 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 register for the seminar for the university to break even?Note: please report the result as a whole number, omitting the decimal point.
Evaluation Method Correct Answer Case Sensitivity
Exact Match 20
• Question 17
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 the decimal point.
Evaluation Method Correct Answer Case Sensitivity
Exact Match $175
Exact Match 175
• Question 18
2 out of 2 points
The variance of the standard normal distribution is equal to __________.
Evaluation Method Correct Answer Case Sensitivity
Exact Match 1
• Question 19
2 out of 2 points
An automotive center keeps tracks of customer complaints received each week. The probability distribution for complaints can be represented as a table (shown below). The random variable xi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.
xi 0 1 2 3 4 5 6
p(xi) .10 .15 .18 .20 .20 .10 .07
What is the average number of complaints received per week? Note: Please report your answer with two places to the right of the decimal, rounding if appropriate.
Evaluation Method Correct Answer Case Sensitivity
Exact Match 2.83
Exact Match 2.82
Exact Match 2.84
• Question 20
2 out of 2 points
An inspector correctly identifies defective products 90% of the time. For the next 10 products, what is the probability that he makes fewer than 2 incorrect inspections?Note: Please report your answer with two places to the right of the decimal, rounding if appropriate.
Evaluation Method Correct Answer Case Sensitivity
Exact Match 0.74
Exact Match 0.73
Exact Match .74
Exact Match .73
Monday, October 19, 2015 12:55:52 PM EDT
USA 
India