Question Details

MAT 540
WEEK 2
Probabilistic techniques assume that no uncertainty exists in model parameters
 
Parameters are known, constant values that are usually coefficients of variables in equations.
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In general, an increase in price increases the break even point if all costs are held constant. 
 
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Fixed cost is the difference between total cost and total variable cost. 
 
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A binomial probability distribution indicates the probability of r successes in n trials. 
 
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P(A | B) is the probability of event A, if we already know that event B has occurred. 
 
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If events A and B are independent, then P(A|B) = P(B|A).
 
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If the price increases but fixed and variable costs do not change, the break even point
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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?
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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?
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If fixed costs increase, but variable cost and price remain the same, the break even point
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The expected value of the standard normal distribution is equal to
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In a binomial distribution, for each of n trials, the event
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The area under the normal curve represents probability, and the total area under the curve sums to
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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.
 
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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.
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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 the decimal point.
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The variance of the standard normal distribution is equal to __________. 
 
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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.
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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. 
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