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Use Gaussian elimination and matrices to solve the system of linear equations. Write your final augmented matrix in triangular form and then solve for each variable using back substitution.
-7x - y + 2z = 63 8x + 2z = 74 4y + z = 25
Market Price
The price at which a good or service is offered in the marketplace, determined by supply and demand.
Economic Profit
The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.
Average Variable Cost
The total variable costs (costs that change with the level of output) divided by the quantity of output produced.
Economic Loss
A situation where total costs exceed total revenues, resulting in a negative profit for a business or economy.
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