Probabilistic techniques assume that no uncertainty exists in model parameters.

Probabilistic techniques assume that no uncertainty exists in model parameters.

Question 1

 

Probabilistic techniques assume that no uncertainty exists in model parameters.
 

Answer

True

False

2 points   

Question 2

 

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

Answer

True

False

2 points   

Question 3

 

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

Answer

True

False

2 points   

Question 4

 

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

Answer

True

False

2 points   

Question 5

 

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

Answer

True

False

2 points   

Question 6

 

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

Answer

True

False

2 points   

Question 7

 

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

Answer

True

False

2 points   

Question 8

 

A model is a functional relationship that includes:

Answer

		variables
		parameters
		equations
		all of the above

2 points   

Question 9

 

If the price increases but fixed and variable costs do not change, the break even point

Answer

		decreases
		increases
		remains the same
		may increase or decrease, depending on sales

2 points   

Question 10

 

The purpose of break-even analysis is to determine the number of units of a product to sell that will

Answer

		appeal to the consumer
		result in a profit
		result in a loss
		result in zero profit

2 points   

Question 11

 

A bed and breakfast breaks even every month if they book 30 rooms over the course of a month.  Their fixed cost is $4200 per month and the revenue they receive from each booked room is $180.  What their variable cost per occupied room?

Answer

		$30
		$40
		$48
		$62

2 points   

Question 12

 

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

Answer

		0
		1
		2
		None of the above

2 points   

 

Question 13

 

The expected value of the standard normal distribution is equal to

Answer

		0
		1
		2
		None of the above

2 points   

Question 14

 

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

Answer

		time between trials is constant
		always has the same probability of occurring
		result of the first trial influence the next trial
		trials are continuous

2 points   

Question 15

 

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.

Answer

2 points   

Question 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.

Answer

2 points   

 

 

 

Question 17

 

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.

Answer

2 points   

Question 18

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. 

Answer

2 points   

Question 19

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} 

Answer

2 points   

Question 20

The variance of the standard normal distribution is equal to __________.
 

Answer

2 points   

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