Define Both Localization of Function and Distributed Representation

question 16

Essay

Define both localization of function and distributed representation.Discuss whether these are opposing or complementary concepts.

---

Definitions:

Price Floor

A government or regulatory-imposed minimum price set above the equilibrium price, preventing the market price from falling below it.

Total Welfare

The total economic well-being that a society achieves, including both consumer surplus and producer surplus.

Consumer Surplus

The contrast between what consumers intend to spend on a good or service and the actual amount they part with.

Producer Surplus

The difference between how much producers are willing to accept for a good versus how much they actually receive.