Probability, Break-Even Analysis, and Cost Calculations in Business Decisions

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Probability, Break-Even Analysis, and Cost Calculations in BusinessDecisionsQuestion 10 out of 2 pointsEmployees of a local company are classified according to gender and job type. Thefollowing table summarizes the number of people in eachjob category.Male (M)Female (F)JobAdministrative (AD)11010Salaried staff (SS)3050Hourly staff (HS)6040If an employee is selected at random, what is the probability that the employee isfemale or works as a member of the administration?AnswerSelected Answer:.70 .69 .71 .70. 69 .71Correct Answer:Evaluation MethodCorrect AnswerCase SensitivityExact Match0.70Exact Match0.69Exact Match0.71Exact Match.70Exact Match.69

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Exact Match.71Question 22 out of 2 pointsWei is considering pursuing an MS in Information Systems degree. She has applied totwo differentuniversities. The acceptance rate for applicants with similar qualifications is20% for University X and 45% for University Y. What is the probability that Wei will beaccepted by at least one of the two universities? {Express your answer as apercent.Round (if necessary) to the nearest whole percent and omit the decimal.Forinstance, 20.1% would be written as 20}AnswerSelected Answer:56Correct Answer:Evaluation MethodCorrect AnswerCase SensitivityExact Match56Question 32 out of 2 pointsAn inspector correctly identifies defective products 90% of the time. For the next 10products, what is the probability that he makes fewer than 2 incorrect inspections?Note:Please report your answer with twoplaces to the right of the decimal, rounding ifappropriate.AnswerSelected Answer:.74

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Correct Answer:Evaluation MethodCorrect AnswerCase SensitivityExact Match0.74Exact Match0.73Exact Match.74Exact Match.73Question 42 out of 2 pointsThe purpose of break-even analysis is to determine the number of units of a product tosell that willAnswerSelected Answer:result in zero profitCorrect Answer:result in zero profitQuestion 52 out of 2 pointsA bed and breakfast breaks even every month if they book 30 rooms over the course of

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a month.Their fixed cost is $4200 per month and the revenue they receive from eachbooked room is $180.What their variable costper occupied room?AnswerSelected Answer:$40Correct Answer:$40Question 60 out of 2 pointsA model is a functional relationship that includes:AnswerSelected Answer:[None Given]Correct Answer:all ofthe aboveQuestion 70 out of 2 pointsIf fixed costs increase, but variable cost and price remain the same, the break evenpointAnswer

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Selected Answer:[None Given]Correct Answer:increasesQuestion 82 out of 2pointsAdministrators 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 manystudents 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.AnswerSelected Answer:20Correct Answer:Evaluation MethodCorrect AnswerCase SensitivityExact Match20Question 92 out of 2 pointsAdministrators at a university are planning to offer a summer seminar.The costs ofreserving a room, hiring an instructor, and bringing in theequipment amount to $3000.Suppose that it costs $25 per student for the administrators to provide the coursematerials. If we know that 20 people will attend, what price should be charged perperson to break even?Note:please report the result as a whole number, rounding ifnecessary and omitting the decimal point.

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AnswerSelected Answer:175Correct Answer:Evaluation MethodCorrect AnswerCase SensitivityExact Match$175Exact Match175Question 102 out of 2pointsA production process requires a fixed cost of $50,000. The variable cost per unit is $25and the revenue per unit is projected to be $45.Find the break-even point.AnswerSelected Answer:2500Correct Answer:EvaluationMethodCorrect AnswerCase SensitivityExact Match2500Exact Match2,500Question 110 out of 2 points

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