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1. List 3 characteristics that a mathematical utility function must include in order to be able to correctly model human behavior, as defined by economists.
1. List 3 characteristics that a mathematical utility function must include in order to be able to correctly model human behavior, as defined by economists. Briefly explain each one of them.
2. Explain what the utilitarian social welfare function is and how it takes into account of the equity of society as well as the society's efficiency.
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