Mgt 3410 Exam 1 Spring 2022 Name

Mgt 3410 Exam 1 Spring 2022name

Mgt 3410 Exam 1 Spring 2022name

All the following problems must be completed for the exam. For multiple-choice questions, select the best answer and indicate your choice by using CAPITAL LETTERS. For problem-solving questions, provide detailed, well-explained answers with appropriate calculations if necessary. This exam assesses understanding of probability, basic statistics, and managerial decision-making concepts.

Paper For Above instruction

Multiple-Choice Section:

  1. The volume that results in total revenue being equal to total cost is the
  • A. break-even point.
  • B. marginal volume.
  • C. marginal cost.
  • D. profit mix.
  • A list of all possible outcomes of an experiment is called
    • A. the sample space.
    • B. the sample point.
    • C. the experimental outcome.
    • D. the likelihood set.
  • Which of the following is not a valid representation of a probability?
    • A. 45%
    • B. 1.07
    • C. 0
    • D. 1/
  • Which of the following is not a proper sample space when all undergraduates at a university are considered?
    • A. S = {in-state, out-of-state}
    • B. S = {freshmen, sophomores}
    • C. S = {age under 21, age 21 or over}
    • D. S = {a major within business, no business major}
  • In the set of all past due accounts, let event A be the account is between 31 and 60 days past due, and event B be the account belongs to a new customer. The complement of A is
    • A. all new customers.
    • B. all accounts fewer than 31 or more than 60 days past due.
    • C. all accounts from new customers and all accounts that are from 31 to 60 days past due.
    • D. all new customers whose accounts are between 31 and 60 days past due.
  • The union of events A and B is the event containing
    • A. all the sample points common to A and B.
    • B. all the sample points belonging to A or B.
    • C. all the sample points belonging to A or B or both.
    • D. all the sample points belonging to A or B, but not both.
  • If P(AB) = 0, then
    • A. A and B are independent events.
    • B. P(A) + P(B) = 1.
    • C. A and B are mutually exclusive events.
    • D. either P(A) = 0 or P(B) = 0.
  • The union of events A and B is the event containing
    • A. all the sample points common to both A and B.
    • B. all the sample points belonging to A or B.
    • C. all the sample points belonging to A or B or both.
    • D. all the sample points belonging to A or B, but not both.
  • If P(A) = 0.35, P(B) = 0.74, and P(A B) = 0.37; then P(A B) is
    • A. 1.21
    • B. 0.94
    • C. 0.72
    • D. 1.48

    Problem-Solving Section:

    1. In a national survey, 25% of adults conduct their banking online. Additionally, 35% are under the age of 50, and 22% are both under 50 and conduct banking online.

      a. What percentage of adults do not conduct their banking online?

      b. What is the type of probability represented by the 22% (i.e., joint, conditional, etc.)? Name the type of probability.

      c. Construct a joint probability table with all joint and marginal probabilities.

      d. Calculate the probability that an individual conducts banking online given that the individual is under 50.

      e. Are the events "Banking Online" and "Age under 50" independent? Explain your reasoning.

    2. A university reports the following: 55% of students are male, 60% are undergraduates, and 38% are both male and undergraduates.

      a. Determine the probability that a randomly selected student is female and an undergraduate.

      b. Find the probability that a student is either female or an undergraduate.

    3. The owners of Lakeside Farm want to buy a bed-and-breakfast property. The financial plan includes:

      • Monthly fixed costs: $6,000
      • Variable costs per occupied room per night: $20
      • Revenue per occupied room per night: $75

      a. Write the equation for total monthly costs, assuming 30 days per month.

      b. Write the equation for total monthly revenue.

      c. How many rooms need to be sold per night to break even?

      d. If only 5 rooms are sold per night, what is the required charge per night to breakeven?

    References

    • Ghahramani, S. (2019). Introduction to Probability and Statistics. Springer.
    • Blitzstein, J., & Hwang, J. (2014). Introduction to Probability. CRC Press.
    • Newbold, P., Carlson, W. L., & Thorne, B. (2013). Statistics for Business and Economics. Pearson.
    • Hogg, R., McKean, J., & Craig, A. (2018). Introduction to Mathematical Statistics. Pearson.
    • Navidi, W. (2018). Probability and Statistics. McGraw-Hill Education.
    • Ross, S. M. (2014). Introduction to Probability Models. Academic Press.
    • Siegel, S., & Castellan, N. J. (1988). Nonparametric Statistics for the Behavioral Sciences. McGraw-Hill.
    • Keller, G., & Warrack, B. (2020). Statistics for Management and Economics. Cengage Learning.
    • Montgomery, D. C., & Runger, G. C. (2018). Applied Statistics and Probability for Engineers. Wiley.
    • Devore, J. L. (2015). Probability and Statistics for Engineering and the Sciences. Cengage Learning.

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