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Write the following three linear equations in matrix format Ax = b, where x is a 3×1 vector containing q, p, and y, A is a 3×3 matrix of coefficients, and b is a 3×1 vector of constants.
q = 5 +3 p - 2 y
q = 10 - p + 10 y
p = 6 y
Social Welfare Function
A theoretical framework in economics that represents preferences over social states or outcomes, aiming to aggregate individual utilities into a measure of collective welfare.
Pareto Optimum
A distribution of resources in which it is not feasible to rearrange in a way that improves one person's situation without detrimentally affecting at least another individual's standing.
Utility Possibilities Frontier
A graph that shows the maximum amount of utility that can be achieved by different individuals or groups from a fixed set of resources.
Production Possibilities
A curve or frontier that illustrates the maximum feasible amounts of two commodities that can be produced with available resources and technology.
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