This document contains 20 multiple choice questions about probability, statistics, and business concepts such as break even analysis. The questions cover topics like parameters, binomial probability distributions, normal distributions, independent and mutually exclusive events, and calculating break even points given fixed and variable costs. Sample questions are provided to illustrate the types of problems addressed.

1. STRAYER MAT 540 Week 2 Quiz 1 Set 3 QUESTIONS NEW
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Question 1 Parameters are known, constant values that are
usually coefficients of variables in equations.
Question 2 In general, an increase in price increases the break
even point if all costs are held constant.
Question 3 If variable costs increase, but price and fixed costs
are held constant, the break even point will decrease.
Question 4 Probabilistic techniques assume that no
uncertainty exists in model parameters.
Question 5 If events A and B are independent, then P(A|B) =
P(B|A).
Question 6 The events in an experiment are mutually exclusive
if only one can occur at a time.
Question 7 A binomial probability distribution indicates the
probability of r successes in n trials.
Question 8 A model is a functional relationship that includes:
Question 9 If the price increases but fixed and variable costs do
not change, the break even point
Question 10 If fixed costs increase, but variable cost and price
remain the same, the break even point
Question 11 A bed and breakfast breaks even every month if

2. 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?
Question 12 The expected value of the standard normal
distribution is equal to
Question 13 In a binomial distribution, for each of n trials, the
event
Question 14 The area under the normal curve represents
probability, and the total area under the curve sums to
Question 15 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 16 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 17 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.
Question 18 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

3. necessary) to the nearest whole percent and omit the decimal.
For instance, 20.1% would be written as 20}
Question 19 The variance of the standard normal distribution
is equal to __________.
Question 20 An automotive center keeps tracks of customer
complaints received each week. The probability distribution
for complaints can be represented as a table (shown below).
The random variable xi represents the number of complaints,
and p(xi) is the probability of receiving xi complaints.
xi 0 1 2 3 4 5 6
p(xi) .10 .15 .18 .20 .20 .10 .07
What is the average number of complaints received per week?
Note: Please report your answer with two places to the right of
the decimal, rounding if appropriate.