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Quantitative Methods : Probability and Break-Even Points

1. Administrators at a university will charge students $200 to attend a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $35 per student for the administrators to provide the course materials. How many students (whole numbers) would have to register for the seminar for the university to break even?

2. Jim is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 30% for University X and 55% for University Y. What is the probability that Jim will be accepted at both universities?

3. Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category.
Male (M) Female (F)
Administrative (AD) 110 20
Salaried staff (SS) 30 70
Hourly staff (HS) 60 40
If an employee is selected at random, what is the probability that the employee is male or works as a member of the administration?

4. A fair die is rolled 10 times. What is the probability that an even number (2, 4, 6) will occur between 2 and 5 times?


Solution Summary

Probability and Break-Even Points are investigated. The solution is detailed and well presented.