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Question : 31) The price a perfectly competitive firm receives for its : 1387779

Economics

 

 

31) The price a perfectly competitive firm receives for its output

A) is determined by the interaction of the firm and all of the consumers who buy from the firm.

B) is determined by the interaction of all sellers and all buyers in the firm’s market.

C) will not change in response to changes in market demand and supply because the firm is a price taker.

D) will be lowered by the firm in order to sell more output.

 

 

32) Which of the following is the best example of a perfectly competitive firm?

A) a corn farmer in Illinois

B) a Taco Bell restaurant

C) the Ford Motor Company

D) the United Parcel Service (UPS)

 

 

33) Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $12. Which of the following will happen?

A) The firm will sell more output than its competitors.

B) The firm’s revenue will increase.

C) The firm will not sell any output.

D) The firm’s profits will increase.

 

34) Firms that are price takers

A) must lower their prices to increase sales.

B) are able to sell a fixed quantity of output at the market price.

C) can raise their prices as a result of a successful advertising campaign.

D) are able to sell all their output at the market price.

 

 

35) Firms in perfect competition are price takers because

A) one firm determines the price that all other firms in the industry will charge.

B) consumers have enough market power to set prices.

C) firms accept the price determined by the government.

D) each firm is too small relative to the market to be able to influence price.

 

 

36) A wheat farmer and a firm in a perfectly competitive market are similar in that

A) both face vertical demand curves.

B) both have to lower their prices if a rival firm lowers its price.

C) both face horizontal demand curves.

D) both will earn an economic profit if their total revenue equals their total cost.

 

37) Which of the following offers the best reason why restaurants are not considered to be perfectly competitive firms?

A) Restaurants do not sell identical products.

B) Restaurants compete in small market areas—neighborhoods and cities—rather than in regional or national markets. Therefore, restaurants are not small relative to their market size.

C) Restaurants usually have entry barriers in the form of zoning restrictions and health regulations.

D) Restaurants have significant liability costs that perfectly competitive firms do not have; for example, customers may sue if they suffer from food poisoning.

 

 

38) A perfectly competitive firm’s horizontal demand curve implies that the firm does not have to lower its price to sell more output.

 

 

39) The market demand curve for a perfectly competitive industry is the horizontal summation of each individual firm’s demand curve.

 

 

40) Perfectly competitive industries tend to produce low-priced, low-technology products.

 

 

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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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