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Break Even Analysis

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1. Administrators at a university are planning to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course material. If we know that 20 people will attend, what price should be charged per person to break even?

2. Administrators at a university will charge each student $150 to attend a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course material. How many students would have to register for the seminar for the university to break even?

3. An automotive center keeps track of customer complaints received each week. The probability distribution of the complaints can be represented as a table, as shown below. What is the average number of complaints received per week? What is the standard deviation of the complaints received per week?

Number of complaints, xi Probability, p(xi)

0 0.20

1 0.30

2 0.40

3 0.10

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This solution is comprised of a detailed explanation of break even analysis and helps the student to understand the concept of Break Even Analysis.Also the solution gives detailed step by step explanation on finding the mean and standard deviation from probability distribution.

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