Quantitative Methods Mat540Test.Quiz 1 In general, an increase in price increases the break even point if all costs are held constant. If variable costs increase, but price and fixed costs are held constant, the break even point will decrease. Parameters are known, constant values that are usually coefficients of variables in equations Probabilistic techniques assume that no uncertainty exists in model parameters. P(A| B) is the probability of event A, if we already know that event B has occurred. A binomial probability distribution indicates the probability of r successes in n trials. A continuous random variable may assume only integer values within a given interval. The purpose of break-even analysis is to determine the number of units of a product to sell that will The indicator that results in total revenues being equal to total cost is called the If fixed costs increase, but variable cost and price remain the same, the break even point If the price increases but fixed and variable costs do not change, the break even point The area under the normal curve represents probability, and the total area under the curve sums to In a binomial distribution, for each of n trials, the event The expected value of the standard normal distribution is equal to 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. 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. 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. 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 necessary) to the nearest whole percent and omit the decimal. For instance, 20.1% would be written as 20} 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. 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? 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.