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Question (Category: Economics General-Economics )
If variable costs increase, but price and fixed costs are held constant, the break even point will decrease If variable costs increase, but price and fixed costs are held constant, the break even point will decrease. Answer True False Parameters are known, constant values that are usually coefficients of variables in equations. Answer True False In general, an increase in price increases the break even point if all costs are held constant. Answer True False Probabilistic techniques assume that no uncertainty exists in model parameters. Answer True False If events A and B are independent, then P(A|B) = P(B|A). Answer True False A binomial probability distribution indicates the probability of r successes in n trials. Answer True FalseP(A | B) is the probability of event A, if we already know that event B has occurred. Answer True False If fixed costs increase, but variable cost and price remain the same, the break even point Answer decreases increases remains the same may increase or decrease depending on sales If the price increases but fixed and variable costs do not change, the break even point Answer decreases increases remains the same may increase or decrease, depending on sales A model is a functional relationship that includes Answer variables parameters equations all of the above The purpose of break-even analysis is to determine the number of units of a product to sell that will Answer appeal to the consumer result in a profit result in a loss result in zero profit The expected value of the standard normal distribution is equal to Answer 0 1 2 None of the above 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 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 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. Answer 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. 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. Answer The variance of the standard normal distribution is equal to __________. 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 Answer 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} Answer


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