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Question : 7.1   Price Ceilings 1) A price ceiling A) an illegal price. B) the : 1226527

Economics

 

 

7.1   Price Ceilings

 

1) A price ceiling

A) is an illegal price.

B) is the price that exists in a black market.

C) is the maximum price that can legally be charged.

D) Both answers A and B are correct.

E) Both answers B and C are correct.

 

2) A price ceiling is

A) a maximum legal price.

B) a minimum legal price.

C) an equilibrium price.

D) a market-determined price.

E) the highest price at which the quantity demanded equals the quantity supplied.

 

3) If a price ceiling is set above the equilibrium price, then

A) there will be a surplus of the good.

B) there will be a shortage of the good.

C) there will be neither a shortage nor a surplus of the good.

D) the price ceiling will generate revenue for the government.

E) the price ceiling affects suppliers but not demanders.

4) A price ceiling in the market for gasoline that is below the equilibrium price will lead to

A) the quantity demanded of gasoline exceeding the quantity supplied.

B) an increase in the demand for gasoline.

C) a decrease in the supply of gasoline.

D) the quantity supplied of gasoline exceeding the quantity demanded.

E) no change in the market since the price ceiling is below the equilibrium price.

 

5) When a price ceiling below the equilibrium price is imposed on a good, production of the good

A) increases.

B) decreases.

C) does not change.

D) is frozen at the pre-ceiling level.

E) either increases or decreases depending on whether the supply of the good increases or decreases when the price ceiling is imposed.

 

6) A price ceiling in the market for fuel oil that is below the equilibrium price will

A) lead to the quantity supplied of fuel oil exceeding the quantity demanded.

B) lead to the quantity demanded of fuel oil exceeding the quantity supplied.

C) decrease the demand for fuel oil.

D) increase the supply of fuel oil.

E) have no effect in the market for fuel oil.

 

 

7) The demand and supply schedules for pizza are in the table above. A price ceiling of $2 per slice results in

A) a surplus of 20 slices of pizza.

B) a shortage of 20 slices of pizza.

C) a shortage of 40 slices of pizza.

D) a shortage of 60 slices of pizza.

E) neither a shortage nor a surplus.

 

8) The demand and supply schedules for pizza are in the table above. A price ceiling of $4 per slice results in

A) a surplus of 20 slices of pizza.

B) a shortage of 20 slices of pizza.

C) a shortage of 40 slices of pizza.

D) a shortage of 60 slices of pizza.

E) neither a shortage nor a surplus.

 

9) The demand and supply schedules for pizza are in the table above. If the government sets a maximum legal price of $2 per slice of pizza, then

A) there is a shortage of 20 slices of pizza.

B) this maximum price is an example of a price floor.

C) this maximum price is an example of a price ceiling.

D) Both answers A and C are correct.

E) Both answers B and C are correct.

10) The figure above illustrates the bagel market. Which of the following statements is correct?

A) With a price ceiling of $1.00 per bagel, the quantity demanded is equal to the quantity supplied.

B) With a price ceiling of $3.00 per bagel, the quantity demanded is greater than the quantity supplied.

C) With a price ceiling of $1.00 per bagel, there is a shortage of bagels.

D) Answers A and B are correct.

E) Answers B and C are correct.

 

11) The figure above illustrates the bagel market. Which of the following statements is correct?

A) With a price ceiling of $1.00 per bagel, the price of a bagel is $1.

B) With a price ceiling of $3.00 per bagel, the price of a bagel is $2.

C) With no government intervention, the equilibrium price of a bagel is $2.

D)  Only answers A and B are correct.

E) Answers A, B, and C are correct.

 

 

 

 

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July 1, 2023
    

  

Artificial Intelligence

Exercise 1 : 

Which of the following are correct?

a. False |= True.

b. True |= False.

c. (A ∧ B) |= (A ⇔ B).

d. A ⇔ B |= A ∨ B.

e. A ⇔ B |= ¬A ∨ B.

f. (A ∧ B) ⇒ C |= (A ⇒ C) ∨ (B ⇒ C).

g. (C ∨ (¬A ∧ ¬B)) ≡ ((A ⇒ C) ∧ (B ⇒ C)).

h. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B).

i. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B) ∧ (¬D ∨ E).

j. (A ∨ B) ∧ ¬(A ⇒ B) is satisfiable.

k. (A ⇔ B) ∧ (¬A ∨ B) is satisfiable.

l. (A ⇔ B) ⇔ C has the same number of models as (A ⇔ B) for any fixed set of proposition symbols that includes A, B, C.

Exercise 2 : 

You have a number of trucks with which to deliver a set of packages. Each package starts at some location on a grid map, and has a destination somewhere else. Each truck is directly controlled by moving forward and turning. Construct a hierarchy of high-level actions for this problem. What knowledge about the solution does your hierarchy encode?

Exercise 3 : 25 Points

In your local nuclear power station, there is an alarm that senses when a temperature gauge exceeds a given threshold. The gauge measures the temperature of the core. Consider the Boolean variables A (alarm sounds), FA (alarm is faulty), and FG (gauge is faulty) and the multivalued nodes G (gauge reading) and T (actual core temperature).

a. Draw a Bayesian network for this domain, given that the gauge is more likely to fail when the core temperature gets too high.

b. Is your network a polytree? Why or why not?

c. Suppose there are just two possible actual and measured temperatures, normal and high; the probability that the gauge gives the correct temperature is x when it is working, but y when it is faulty. Give the conditional probability table associated with G.

d. Suppose the alarm works correctly unless it is faulty, in which case it never sounds. Give the conditional probability table associated with A.

e. Suppose the alarm and gauge are working and the alarm sounds. Calculate an expression for the probability that the temperature of the core is too high, in terms of the various conditional probabilities in the network.

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July 1, 2023
    

  

Artificial Intelligence

Exercise 1 : 

Which of the following are correct?

a. False |= True.

b. True |= False.

c. (A ∧ B) |= (A ⇔ B).

d. A ⇔ B |= A ∨ B.

e. A ⇔ B |= ¬A ∨ B.

f. (A ∧ B) ⇒ C |= (A ⇒ C) ∨ (B ⇒ C).

g. (C ∨ (¬A ∧ ¬B)) ≡ ((A ⇒ C) ∧ (B ⇒ C)).

h. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B).

i. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B) ∧ (¬D ∨ E).

j. (A ∨ B) ∧ ¬(A ⇒ B) is satisfiable.

k. (A ⇔ B) ∧ (¬A ∨ B) is satisfiable.

l. (A ⇔ B) ⇔ C has the same number of models as (A ⇔ B) for any fixed set of proposition symbols that includes A, B, C.

Exercise 2 : 

You have a number of trucks with which to deliver a set of packages. Each package starts at some location on a grid map, and has a destination somewhere else. Each truck is directly controlled by moving forward and turning. Construct a hierarchy of high-level actions for this problem. What knowledge about the solution does your hierarchy encode?

Exercise 3 : 25 Points

In your local nuclear power station, there is an alarm that senses when a temperature gauge exceeds a given threshold. The gauge measures the temperature of the core. Consider the Boolean variables A (alarm sounds), FA (alarm is faulty), and FG (gauge is faulty) and the multivalued nodes G (gauge reading) and T (actual core temperature).

a. Draw a Bayesian network for this domain, given that the gauge is more likely to fail when the core temperature gets too high.

b. Is your network a polytree? Why or why not?

c. Suppose there are just two possible actual and measured temperatures, normal and high; the probability that the gauge gives the correct temperature is x when it is working, but y when it is faulty. Give the conditional probability table associated with G.

d. Suppose the alarm works correctly unless it is faulty, in which case it never sounds. Give the conditional probability table associated with A.

e. Suppose the alarm and gauge are working and the alarm sounds. Calculate an expression for the probability that the temperature of the core is too high, in terms of the various conditional probabilities in the network.

default image
July 1, 2023
    

  

Artificial Intelligence

Exercise 1 : 

Which of the following are correct?

a. False |= True.

b. True |= False.

c. (A ∧ B) |= (A ⇔ B).

d. A ⇔ B |= A ∨ B.

e. A ⇔ B |= ¬A ∨ B.

f. (A ∧ B) ⇒ C |= (A ⇒ C) ∨ (B ⇒ C).

g. (C ∨ (¬A ∧ ¬B)) ≡ ((A ⇒ C) ∧ (B ⇒ C)).

h. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B).

i. (A ∨ B) ∧ (¬C ∨ ¬D ∨ E) |= (A ∨ B) ∧ (¬D ∨ E).

j. (A ∨ B) ∧ ¬(A ⇒ B) is satisfiable.

k. (A ⇔ B) ∧ (¬A ∨ B) is satisfiable.

l. (A ⇔ B) ⇔ C has the same number of models as (A ⇔ B) for any fixed set of proposition symbols that includes A, B, C.

Exercise 2 : 

You have a number of trucks with which to deliver a set of packages. Each package starts at some location on a grid map, and has a destination somewhere else. Each truck is directly controlled by moving forward and turning. Construct a hierarchy of high-level actions for this problem. What knowledge about the solution does your hierarchy encode?

Exercise 3 : 25 Points

In your local nuclear power station, there is an alarm that senses when a temperature gauge exceeds a given threshold. The gauge measures the temperature of the core. Consider the Boolean variables A (alarm sounds), FA (alarm is faulty), and FG (gauge is faulty) and the multivalued nodes G (gauge reading) and T (actual core temperature).

a. Draw a Bayesian network for this domain, given that the gauge is more likely to fail when the core temperature gets too high.

b. Is your network a polytree? Why or why not?

c. Suppose there are just two possible actual and measured temperatures, normal and high; the probability that the gauge gives the correct temperature is x when it is working, but y when it is faulty. Give the conditional probability table associated with G.

d. Suppose the alarm works correctly unless it is faulty, in which case it never sounds. Give the conditional probability table associated with A.

e. Suppose the alarm and gauge are working and the alarm sounds. Calculate an expression for the probability that the temperature of the core is too high, in terms of the various conditional probabilities in the network.

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