Week 2 Quiz
BUSAD 5120 – Decision Sciences
Quiz #1
Instructions: Answer 33 questions on this quiz. That means skip 3 questions. If you answer more than 33 I will choose up to 3 random numbers and will disregard those questions so only 33 will remain to be graded. All questions are worth the same point value (3 points each). Email me your completed quiz no later than Sunday, Nov 2nd.
Chapter 1:
TRUE/FALSE (1-9)
1) Management science involves the philosophy of approaching a problem in a subjective manner. FALSE
2) Management scientists use the terms "data" and "information" interchangeably--that is, the two terms mean the same thing. TRUE
3) A variable is a value that is usually a coefficient of a parameter in an equation. TRUE
4) Parameters are known, constant values that are usually coefficients of variables in equations. TRUE
5) A model is a mathematical representation of a problem situation including variables, parameters, and equations. TRUE
6) Management science modeling techniques provide results that are known with certainty.
7) Fixed costs depend on the number of items produced. FALSE
8) The break-even point is the volume that equates total revenue with total cost. TRUE
9) If variable costs increase, but price and fixed costs are held constant, the break-even point will decrease. FALSE
10) An increase in output typically results in an increase in the variable cost. (Note if the variable cost increase the total cost increase as well.)
11) The relationship d = 5000 - 25p describes what happens to demand (d) as price (p) varies. Price can vary between $10 and $50. How many units can be sold when the price is $10?
d=5000-25p if p=10 then d=5000-25(10) d=4,750
12) 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. Write a mathematical expression for total cost.
Cf=50,000
Cv=25
V=volume
P=45
TC=Cf+VCv
TC=50,000 + (V)(25)
13) Administrators at a university are
Quiz #1
Instructions: Answer 33 questions on this quiz. That means skip 3 questions. If you answer more than 33 I will choose up to 3 random numbers and will disregard those questions so only 33 will remain to be graded. All questions are worth the same point value (3 points each). Email me your completed quiz no later than Sunday, Nov 2nd.
Chapter 1:
TRUE/FALSE (1-9)
1) Management science involves the philosophy of approaching a problem in a subjective manner. FALSE
2) Management scientists use the terms "data" and "information" interchangeably--that is, the two terms mean the same thing. TRUE
3) A variable is a value that is usually a coefficient of a parameter in an equation. TRUE
4) Parameters are known, constant values that are usually coefficients of variables in equations. TRUE
5) A model is a mathematical representation of a problem situation including variables, parameters, and equations. TRUE
6) Management science modeling techniques provide results that are known with certainty.
7) Fixed costs depend on the number of items produced. FALSE
8) The break-even point is the volume that equates total revenue with total cost. TRUE
9) If variable costs increase, but price and fixed costs are held constant, the break-even point will decrease. FALSE
10) An increase in output typically results in an increase in the variable cost. (Note if the variable cost increase the total cost increase as well.)
11) The relationship d = 5000 - 25p describes what happens to demand (d) as price (p) varies. Price can vary between $10 and $50. How many units can be sold when the price is $10?
d=5000-25p if p=10 then d=5000-25(10) d=4,750
12) 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. Write a mathematical expression for total cost.
Cf=50,000
Cv=25
V=volume
P=45
TC=Cf+VCv
TC=50,000 + (V)(25)
13) Administrators at a university are