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1. STRAYER MAT 540 Week 2 Quiz 1 Set 2 QUESTIONS NEW
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Question 1 Probabilistic techniques assume that no
uncertainty exists in model parameters.
Question 2 Fixed cost is the difference between total cost
and total variable cost.
Question 3 If variable costs increase, but price and fixed
costs are held constant, the break even point will decrease.
Question 4 Parameters are known, constant values that are
usually coefficients of variables in equations.
Question 5 If events A and B are independent, then P(A|B) =
P(B|A).
Question 6 A continuous random variable may assume only
integer values within a given interval.
Question 7 The events in an experiment are mutually
exclusive if only one can occur at a time.
Question 8 If fixed costs increase, but variable cost and price
remain the same, the break even point
Question 9 If the price increases but fixed and variable costs
do not change, the break even point
Question 10 The indicator that results in total revenues being
equal to total cost is called the
Question 11 A model is a functional relationship that
includes:
Question 12 In a binomial distribution, for each of n trials, the

2. event
Question 13 The area under the normal curve represents
probability, and the total area under the curve sums to
Question 14 The expected value of the standard normal
distribution is equal to
Question 15 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.
Question 16 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.
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.
Question 18 The variance of the standard normal distribution
is equal to __________.
Question 19 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.

3. 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?
Question 20 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.