MAT/540 MAT540 MAT 540 WEEK 2 QUIZ 1

Probabilistic techniques assume that no uncertainty exists in model parameters.
 

If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.
 

Fixed cost is the difference between total cost and total variable cost.
 

In general, an increase in price increases the break even point if all costs are held constant.
 

If events A and B are independent, then P(A|B) = P(B|A).
 

A continuous random variable may assume only integer values within a given interval.

A binomial probability distribution indicates the probability of r successes in n trials.
 

If fixed costs increase, but variable cost and price remain the same, the break even point

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?

The indicator that results in total revenues being equal to total cost is called the

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?

In a binomial distribution, for each of n trials, the event

The area under the normal curve represents probability, and the total area under the curve sums to

The expected value of the standard normal distribution is equal to

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.

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45.  Find the break-even point.

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.

Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category.
 
                                     Male (M) Female (F)
Job
Administrative (AD)       110             10
Salaried staff (SS)             30             50
Hourly staff (HS)              60             40
 
 If an employee is selected at random, what is the probability that the employee is female or works as a member of the administration?

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. 

Wei is considering pursuing an MS in Information Systems degree. She has applied to two different universities. The acceptance rate for applicants with similar qualifications is 20% for University X and 45% for University Y. What is the probability that Wei will be accepted by at least one of the two universities? {Express your answer as a percent. Round (if necessary) to the nearest whole percent and omit the decimal. For instance, 20.1% would be written as 20}