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Quiz 1 540 Math Essay

992 words - 4 pages

Quiz 1 Math 540

Question 1
2 out of 2 points

Probabilistic techniques assume that no uncertainty exists in model parameters.

Answer
Selected Answer: False
Correct Answer: False

• Question 2
0 out of 2 points

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

• Question 3
2 out of 2 points

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

Answer
Selected Answer: False
Correct Answer: False

• Question 4
2 out of 2 points

Parameters are known, ...view middle of the document...

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?
Answer
Selected Answer:
250
Correct Answer:
250

• Question 11
0 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?
Answer
Selected Answer:
120
Correct Answer:
175

• Question 12
0 out of 2 points

In a binomial distribution, for each of n trials, the event
Answer
Selected Answer:
trials are continuous
Correct Answer:
always has the same probability of occurring

• Question 13
2 out of 2 points

The area under the normal curve represents probability, and the total area under the curve sums to
Answer
Selected Answer:
1
Correct Answer:
1

• Question 14
0 out of 2 points

The expected value of the standard normal distribution is equal to
Answer
Selected Answer:
1
Correct Answer:
0

• 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.

Answer
Selected Answer: 5
Correct Answer:
Evaluation Method Correct Answer Case Sensitivity
Exact Match $5
Exact Match 5


• Question 16
0 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...

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