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Paper XI Business Mathematics PROJECT ON Applications of Matrices to Business
and Economics Made By: Akash Gupta - 1- Contents Topic Page No.
•Acknowledgements
•Introduction
•Application of Matrix Addition and
Subtraction •Application of Matrix Multiplication •Application of System of
Linear Equations •Leontief’s Input-Output Model •Bibliography 2468 13 18 25 - 2-
Applications of Matrices to Business and Economics What is a Matrix? A matrix is
a two-dimensional arrangement of numbers in rows and columns enclosed by a pair
of square brackets ([]), in the form shown below. mn m m n n a a a
a a a a a a 2 1 2 22 21 1 12 11 The above figure shows anm × n
matrix ofm rows andn columns. Matrices are used to describe linear equations,
keep track of the coefficients of linear transformations and to record data that
depend on multiple parameters. They can be added, multiplied, and decomposed in
various ways, which also makes them a key concept in the field of linear
algebra. The subject of matrices has been researched and expanded by the works
of many mathematicians, who have found numerous applications of matrices in
various disciplines such as Economics, Engineering, Statistics and various other
sciences. In this project, the following applications to matrices will be
discussed: •Applications of Matrix Addition and Subtraction
•Applications of Multiplication of Matrices
•Applications of System of Linear Equations
•Leontief Input-Output Model
- 3- But first, let’s discuss how various situations in business and economics
can be represented using matrices. This can be done using the following
examples. 1. Annual productions of two branches selling three types of items may
be represented as follows: Branch Item A Item B Item C I II 2. Number of staff
in the office can be represented as follows: Peon
Clerk
Typist
Head Clerk
Office Superintendent
3. The unit cost of transportation of an item from each of the three factories
to each of the four warehouses can be represented as follows: Warehouse Factory
W1 W2 W3 W4 I II III - 4- 2969 3214 7542 2314 2876 2000
11342 11 18 15 16 19 11 26 22 14 17 12 13 Applications of
Matrix Addition and Subtraction The applications of addition and subtraction of
matrices can be illustrated through the following examples: Illustration 1 - The
quarterly sales of Jute, Cotton and Yarn for the year 2002 and 2003 are given
below. A= 15 15 20 15 10 18 20 10 20 22 25 20 B= 10 15
30 8 10 18 20 5 20 20 15 10 Find the total quarterly sales of Jute, Cotton and
Yarn for the two years. Solution – The total sales of Jute, Cotton and Yarn will
be obtained as under A+ B = 15 15 20 15 10 18 20 10 20 22 25 20 +
10 15 30 8 10 18 20 5 20 20 15 10 = 25 30 50 23 40 33 40
15 40 42 40 30 - 5- Jute Cotton Yarn Jute Cotton Yarn QI Q2 Q3 Q4 Year 2002 Year
2003 Illustration 2 – X Ltd has the following sales position of its products A
and B at its two centers P and Q at the end of the year Y= 70 60 45 50
If the sales for the first three months is given as Q = 20 20 15 30 Find
the sales position for the last nine months. Solution – Given are the sales
positions for the whole year (Y) and for the first three months (Q). Hence,
sales position for the remaining nine months – Y– Q = 70 60 45 50 -
20 20 15 30 = 50 40 30 20 - 6- AB P Q B AB P Q B AB P Q B
Applications of Matrix Multiplication It is important to note that two matrices
can be multiplied if and only if the number of columns of the first matrix
equals the number of rows of the second. The resultant matrix will have the
number of rows equal to the first matrix and number of columns equal to that of
the second matrix. In other words, •A matrix of the order [ax b] can only be
multiplied with a matrix of order [bx c] •The resultant matrix will be of the
order [ax c] The application of multiplication of matrices can be illustrated
through the following examples. Illustration 3 – Ram, Shyam and Mohan purchased
biscuits of different brands P, Q and R. Ram purchased 10 packets of P, 7
packets of Q and 3 packets of R. Shyam purchased 4 packets of P, 8 packets of Q
and 10 packets of R. Mohan purchased 4 packets of P, 7 packets of Q and 8
packets of R. If brand P costs Rs 4, Q costs Rs 5 and R costs Rs 6 each, then
using matrix operation, find the amount of money spent by these persons
individually. Solution – Let Q be the matrix denoting the quantity of each brand
of biscuit bought by P, Q and R and let C be the matrix showing the cost of each
brand of biscuit. Q = 3 3 8 7 4 10 8 4 3 7 10 × C= 1 3 654 ×
Since number of columns of first matrix should be equal to the number of
rows of the
second matrix for multiplication to be possible, the above matrices shall be
multiplied in
the following order.
Q×C = 8 7 4 10 8 4 3 7 10 × 654 - 7- Ram
Shyam
Mohan
P QR PQR
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