Thursday 25 February 2016
Matrix Algebra
Level: B.A/Bsc
Subject : Mathematical economics
Matrices are one of the most important tools which is used not only to mention the coefficients in the system of linear equations but also used to solve the problems of input-output model in economics.
A matrix is simply a set of numbers arranged in rows and columns in a rectangular table.
This is an example of 3×3 matrix. The numbers of rows and columns that a matrix has is called its dimensions or its order. Thus we can say that the dimension (or order) of the above matrix is 3×3. We usually write matrices inside brackets [ ].
Numbers that appear in rows and columns of a matrix are called elements of the matrix. Columns are vertical while rows are horizontal. In the above image the first element of the first column is 1 ..second element of the first column is 2 and third element of the first column is 3.. While the first element of the second column is 2 and so on..
There are 8 types of matrices in mathematical economics:
- Column matrix
- Row matrix
- Square matrix
- Equal matrix
- Diagonal matrix
- Scalar matrix
- Identity matrix
- Null matrix
