Solve the System of Equations $$\left\{ \begin{array} { l } y = 3 x + 2 \\y = 8 x + 1\end{array} \right.$$

question 78

Multiple Choice

Solve the system of equations.
- $$\left\{ \begin{array} { l } y = 3 x + 2 \\y = 8 x + 1\end{array} \right.$$

• A) \(\left( \frac { 1 } { 5 } , \frac { 13 } { 5 } \right)\)
• B) \(\left( \frac { 13 } { 5 } , \frac { 1 } { 5 } \right)\)
• C) \(\{ ( x , y ) \mid y = 3 x + 2 \}\)
• D) \(\varnothing\)

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Definitions:

Initial Allocation

The initial distribution of resources, goods, or assets among various parties or agents in an economic model or real-world scenario.

Pareto Optimal Allocations

A situation where it is impossible to make any one individual better off without making at least one individual worse off, indicating an efficient allocation of resources.

Edgeworth Box

A diagram used in microeconomics to show how different allocations of goods can lead to efficiency or inefficiency within a market.

Utility Function

A formula that quantifies the happiness or satisfaction received from consuming certain amounts and combinations of goods and services.