Mat 540 Quiz 1 Essay

968 WordsFeb 16, 20144 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 model parameters. Answer Selected Answer: False Correct Answer: False Question 5 0 out of 2 points If events A and B are independent, then P(A|B) = P(B|A). Answer Selected Answer: True Correct Answer: False Question 6 2 out of 2 points P(A | B) is the probability of event A, if we already know that event B has occurred. Answer Selected Answer: True Correct Answer: True Question 7 2 out of 2 points A binomial probability distribution indicates the probability of r successes in n trials. Answer Selected Answer: True Correct Answer: True Question 8 2 out of 2 points EKA manufacturing company produces Part # 2206 for the aerospace industry. Each unit of part # 2206 is sold for $15. The unit production cost of part # 2206 is $3. The fixed monthly cost of operating the production facility is $3000. How many units of part # 2206 have to be sold in a month to break-even? Answer Selected Answer: 250 Correct Answer: 250 Question 9 0 out of 2 points A university is planning a seminar. It costs $3000 to reserve a room, hire an

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