MAT 540 QUIZ 1
MAT 540 Quiz 1
1.
Probabilistic
techniques assume that no uncertainty exists in model parameters.
2.
Parameters are
known, constant values that are usually coefficients of variables in equations.
3.
In general, an
increase in price increases the break even point if all costs are held
constant.
4.
Fixed cost is
the difference between total cost and total variable cost.
5.
A continuous
random variable may assume only integer values within a given interval.
6.
The events in an
experiment are mutually exclusive if only one can occur at a time.
7.
If events A and
B are independent, then P(A|B) = P(B|A).
8.
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?
9.
A model is a
functional relationship that includes:
10.
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?
11.
The indicator
that results in total revenues being equal to total cost is called the
12.
The area under
the normal curve represents probability, and the total area under the curve
sums to
13.
In a binomial
distribution, for each of n trials, the event
14.
The expected
value of the standard normal distribution is equal to
15.
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.
16.
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.
17. 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.
18. 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}
19.
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.
20.
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?
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?
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