Question 1Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 2Fixed cost is the difference between total cost and total variable cost.
Question 3Parameters are known, constant values that are usually coefficients of variables in equations.
Question 4In general, an increase in price increases the break even point if all costs are held constant.
Question 5A continuous random variable may assume only integer values within a given interval.
Question 6If events A and B are independent, then P(A|B) = P(B|A).
Question 7P(A | B) is the probability of event A, if we already know that event B has occurred.
Question 8The purpose of break]even analysis is to determine the number of units of a product to sell thatwill
Question 9If the price increases but fixed and variable costs do not change, the break even point
Question 10The indicator that results in total revenues being equal to total cost is called the
Question 11A bed and breakfast breaks even every month if they book 30 rooms over the course of amonth. Their fixed cost is \$4200 per month and the revenue they receive from each bookedroom is \$180. What their variable cost per occupied room?
Question 12The expected value of the standard normal distribution is equal to
Question 13The area under the normal curve represents probability, and the total area under the curvesums to
Question 14In a binomial distribution, for each of n trials, the event
Question 15Administrators at a university are planning to offer a summer seminar. The costs of reserving aroom, 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. Ifwe know that 20 people will attend, what price should be charged per person to breakeven? Note: please report the result as a whole number, rounding if necessary and omittingthe decimal point.
Question 16Administrators at a university will charge students \$158 to attend a seminar. It costs \$2160 toreserve a room, hire an instructor, and bring in the equipment. Assume it costs \$50 per studentfor the administrators to provide the course materials. How many students would have toregister for the seminar for the university to break even? Note: please report the result as awhole number, omitting the decimal point.
Question 17A 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 bechosen in order to break even at the end of the month? Note: please report the result as awhole number, rounding if necessary and omitting the decimal point.
Question 18Wei is considering pursuing an MS in Information Systems degree. She has applied to twodifferent universities. The acceptance rate for applicants with similar qualifications is 20% forUniversity X and 45% for University Y. What is the probability that Wei will be accepted by atleast one of the two universities? {Express your answer as a percent. Round (if necessary) to thenearest whole percent and omit the decimal. For instance, 20.1% would be written as 20}
Question 19An automotive center keeps tracks of customer complaints received each week. The probabilitydistribution for complaints can be represented as a table (shown below). The random variablexi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.xi 0 1 2 3 4 5 6p(xi) .10 .15 .18 .20 .20 .10 .07What is the average number of complaints received per week? Note: Please report youranswer with two places to the right of the decimal, rounding if appropriate.
Question 20The variance of the standard normal distribution is equal to __________.Question 1Probabilistic techniques assume that no uncertainty exists in model parameters.
Question 2Fixed cost is the difference between total cost and total variable cost.
Question 3Parameters are known, constant values that are usually coefficients of variables in equations.
Question 4In general, an increase in price increases the break even point if all costs are held constant.
Question 5A continuous random variable may assume only integer values within a given interval.
Question 6If events A and B are independent, then P(A|B) = P(B|A).
Question 7P(A | B) is the probability of event A, if we already know that event B has occurred.
Question 8The purpose of break]even analysis is to determine the number of units of a product to sell thatwill
Question 9If the price increases but fixed and variable costs do not change, the break even point
Question 10The indicator that results in total revenues being equal to total cost is called the
Question 11A bed and breakfast breaks even every month if they book 30 rooms over the course of amonth. Their fixed cost is \$4200 per month and the revenue they receive from each bookedroom is \$180. What their variable cost per occupied room?
Question 12The expected value of the standard normal distribution is equal to
Question 13The area under the normal curve represents probability, and the total area under the curvesums to
Question 14In a binomial distribution, for each of n trials, the event
Question 15Administrators at a university are planning to offer a summer seminar. The costs of reserving aroom, 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. Ifwe know that 20 people will attend, what price should be charged per person to breakeven? Note: please report the result as a whole number, rounding if necessary and omittingthe decimal point.
Question 16Administrators at a university will charge students \$158 to attend a seminar. It costs \$2160 toreserve a room, hire an instructor, and bring in the equipment. Assume it costs \$50 per studentfor the administrators to provide the course materials. How many students would have toregister for the seminar for the university to break even? Note: please report the result as awhole number, omitting the decimal point.
Question 17A 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 bechosen in order to break even at the end of the month? Note: please report the result as awhole number, rounding if necessary and omitting the decimal point.
Question 18Wei is considering pursuing an MS in Information Systems degree. She has applied to twodifferent universities. The acceptance rate for applicants with similar qualifications is 20% forUniversity X and 45% for University Y. What is the probability that Wei will be accepted by atleast one of the two universities? {Express your answer as a percent. Round (if necessary) to thenearest whole percent and omit the decimal. For instance, 20.1% would be written as 20}
Question 19An automotive center keeps tracks of customer complaints received each week. The probabilitydistribution for complaints can be represented as a table (shown below). The random variablexi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.xi 0 1 2 3 4 5 6p(xi) .10 .15 .18 .20 .20 .10 .07What is the average number of complaints received per week? Note: Please report youranswer with two places to the right of the decimal, rounding if appropriate.
Question 20The variance of the standard normal distribution is equal to __________.