Question1 0outof2points Probabilistictechniquesassumethatnouncertaintyexistsinmodelparameters.

Answer

SelectedAnswer: CorrectAnswer:

True False

Question2 2outof2points Fixedcostisthedifferencebetweentotalcostandtotalvariablecost. Answer

SelectedAnswer: CorrectAnswer:

True True

Question3 2outof2points Parametersareknown,constantvaluesthatareusuallycoefficientsofvariablesinequations. Answer

SelectedAnswer: CorrectAnswer:

True True

Question4 2outof2points Ingeneral,anincreaseinpriceincreasesthebreakevenpointifallcostsareheldconstant.

Answer SelectedAnswer: CorrectAnswer:

False False

Question5 2outof2points Acontinuousrandomvariablemayassumeonlyintegervalueswithinagiveninterval. Answer

SelectedAnswer: CorrectAnswer:

False False

Question6 2outof2points IfeventsAandBareindependent,thenP(A|B)=P(B|A). Answer

SelectedAnswer: CorrectAnswer:

False False

Question7 2outof2points P(A|B)istheprobabilityofeventA,ifwealreadyknowthateventBhasoccurred. Answer

SelectedAnswer: CorrectAnswer:

True True

Question8

2outof2points Thepurposeofbreakevenanalysisistodeterminethenumberofunitsofaproducttosellthat will Answer SelectedAnswer:

resultinzeroprofit

CorrectAnswer:

resultinzeroprofit

Question9 2outof2points Ifthepriceincreasesbutfixedandvariablecostsdonotchange,thebreakevenpoint Answer SelectedAnswer:

decreases

CorrectAnswer:

decreases

Question10 2outof2points Theindicatorthatresultsintotalrevenuesbeingequaltototalcostiscalledthe Answer

SelectedAnswer:

breakevenpoint

CorrectAnswer:

breakevenpoint

Question11 2outof2points Abedandbreakfastbreakseveneverymonthiftheybook30roomsoverthecourseofa month.Theirfixedcostis$4200permonthandtherevenuetheyreceivefromeachbooked roomis$180.Whattheirvariablecostperoccupiedroom? Answer SelectedAnswer:

$40

CorrectAnswer:

$40

Question12 0outof2points Theexpectedvalueofthestandardnormaldistributionisequalto Answer SelectedAnswer:

CorrectAnswer: 0

Question13 2outof2points Theareaunderthenormalcurverepresentsprobability,andthetotalareaunderthecurve

sumsto Answer SelectedAnswer: 1 CorrectAnswer: 1

Question14 2outof2points Inabinomialdistribution,foreachofntrials,theevent Answer SelectedAnswer:

alwayshasthesameprobabilityofoccurring

CorrectAnswer:

alwayshasthesameprobabilityofoccurring

Question15 2outof2points Administratorsatauniversityareplanningtoofferasummerseminar.Thecostsofreservinga room,hiringaninstructor,andbringingintheequipmentamountto$3000. Supposethatitcosts$25perstudentfortheadministratorstoprovidethecoursematerials.If weknowthat20peoplewillattend,whatpriceshouldbechargedperpersontobreak even?Note:pleasereporttheresultasawholenumber,roundingifnecessaryandomitting thedecimalpoint. Answer SelectedAnswer: 175

CorrectAnswer: EvaluationMethod ExactMatch ExactMatch

CorrectAnswer $175 175

CaseSensitivity

Question16 2outof2points Administratorsatauniversitywillchargestudents$158toattendaseminar.Itcosts$2160to reservearoom,hireaninstructor,andbringintheequipment.Assumeitcosts$50perstudent fortheadministratorstoprovidethecoursematerials.Howmanystudentswouldhaveto registerfortheseminarfortheuniversitytobreakeven?Note:pleasereporttheresultasa wholenumber,omittingthedecimalpoint. Answer SelectedAnswer:

20

CorrectAnswer: EvaluationMethod ExactMatch

CorrectAnswer 20

CaseSensitivity

Question17 2outof2points Aproductionrunoftoothpasterequiresafixedcostof$100,000.Thevariablecostperunitis $3.00.If50,000unitsoftoothpastewillbesoldduringthenextmonth,whatsalepricemustbe choseninordertobreakevenattheendofthemonth?Note:pleasereporttheresultasa

wholenumber,roundingifnecessaryandomittingthedecimalpoint. Answer SelectedAnswer: CorrectAnswer: EvaluationMethod ExactMatch ExactMatch

CorrectAnswer $5 5

CaseSensitivity

Question18 2outof2points WeiisconsideringpursuinganMSinInformationSystemsdegree.Shehasappliedtotwo differentuniversities.Theacceptancerateforapplicantswithsimilarqualificationsis20%for UniversityXand45%forUniversityY.WhatistheprobabilitythatWeiwillbeacceptedbyat leastoneofthetwouniversities?{Expressyouranswerasapercent.Round(ifnecessary)tothe nearestwholepercentandomitthedecimal.Forinstance,20.1%wouldbewrittenas20} Answer SelectedAnswer:

56

CorrectAnswer: EvaluationMethod ExactMatch

CorrectAnswer 56

CaseSensitivity

Question19 2outof2points Anautomotivecenterkeepstracksofcustomercomplaintsreceivedeachweek.Theprobability distributionforcomplaintscanberepresentedasatable(shownbelow).Therandomvariable xirepresentsthenumberofcomplaints,andp(xi)istheprobabilityofreceivingxicomplaints. xi p(xi) 0 .10 1 .15 2 .18 3 .20 4 .20 5 .10 6 .07

Whatistheaveragenumberofcomplaintsreceivedperweek?Note:Pleasereportyour answerwithtwoplacestotherightofthedecimal,roundingifappropriate. Answer SelectedAnswer:

2.83

CorrectAnswer: EvaluationMethod ExactMatch ExactMatch ExactMatch

CorrectAnswer 2.83 2.82 2.84

CaseSensitivity

Question20 2outof2points Thevarianceofthestandardnormaldistributionisequalto__________.

Answer

SelectedAnswer: CorrectAnswer: EvaluationMethod ExactMatch

CorrectAnswer 1

CaseSensitivity