Mat 540 Quiz 1 Essay

982 words - 4 pages

Question 1
2 out of 2 points

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

Answer
Selected Answer: True
Correct Answer: True

Question 2
2 out of 2 points

Parameters are known, constant values that are usually coefficients of variables in equations.
Answer
Selected Answer: True
Correct Answer: True

Question 3
2 out of 2 points

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

Answer
Selected Answer: False
Correct Answer: False

Question 4
2 out of 2 points

Probabilistic techniques assume that no uncertainty exists in ...view middle of the document...

Assume 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?
Answer
Selected Answer:
150
Correct Answer:
175

Question 10
0 out of 2 points

If the price increases but fixed and variable costs do not change, the break even point
Answer
Selected Answer:
may increase or decrease, depending on sales
Correct Answer:
decreases

Question 11
2 out of 2 points

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
Selected Answer:
$40
Correct Answer:
$40

Question 12
0 out of 2 points

In a binomial distribution, for each of n trials, the event
Answer
Selected Answer:
time between trials is constant
Correct Answer:
always has the same probability of occurring

Question 13
2 out of 2 points

The area under the normal curve represents probability, and the total area under the curve sums to
Answer
Selected Answer:
1
Correct Answer:
1

Question 14
2 out of 2 points

The expected value of the standard normal distribution is equal to
Answer
Selected Answer:
0
Correct Answer:
0

Question 15
2 out of 2 points

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.

Answer
Selected Answer: 5
Correct Answer:

Evaluation Method Correct Answer Case Sensitivity
Exact Match $5
Exact Match 5


Question 16
2 out of 2 points

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected...

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