746 WordsFeb 4, 20143 Pages

Question 1
.
Parameters are known, constant values that are usually coefficients of variables in equations.
Answer
True
False
2 points =T
Question 2
.
In general, an increase in price increases the break even point if all costs are held constant.
.
Answer
True
False
2 points =F
Question 3
.
Fixed cost is the difference between total cost and total variable cost.
.
Answer
True
False
2 points =T
Question 4
.
Probabilistic techniques assume that no uncertainty exists in model parameters.
.
Answer
True
False
2 points =F
Question 5
.
P(A | B) is the probability of event A, if we already know that event B has occurred.
.
Answer
True
False
2 points =T
Question 6
.*…show more content…*

. . profit mix
.
2 points =break-even point
Question 12
.
In a binomial distribution, for each of n trials, the event
Answer
. . . time between trials is constant
. . . always has the same probability of occurring
. . . result of the first trial influence the next trial
. . . trials are continuous
.
2 points = always has the same probability of occurring
Question 13
.
The area under the normal curve represents probability, and the total area under the curve sums to
Answer
. . . 0
. . . 1
. . . 2
. . . None of the above
.
2 points = 1
Question 14
.
The expected value of the standard normal distribution is equal to
Answer
. . . 0
. . . 1
. . . 2
. . . None of the above
.
2 points = 0
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.
Answer
=3
2 points =5
Question 16
.
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

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