Question 1. Micromedia is having a 2 day seminar in Microsoft Excel. The project fee is $300 per student. The conference room, instructor, assistants and promotion cost $4800. Micromedia rents the computers for its seminars at a cost of $30 per computer per day.
a. Develop a model for the total cost to put on the seminar. Let x represent the number of students enrolled.
b. Develop a model for the total profit if x students enroll in the seminar.
c. Micromedia forecasted 30 students for the seminar, How much profit will be earned if this is accurate?
d. Compute a break even point?
Question 2. The lifetime in hours of a cell phone is a random variable with the exponential probability density function:
f(x) = (1/50)e-x/50
a. what is the mean lifetime of the cell phone?
b. what is the probability the device fails in the first 25 hours of use?
c. what is the probability the device operates 100 or more hours before failure?