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Business Math Assignment

The document discusses matrices and provides examples of different types of matrices. It then presents a business problem involving the total revenue from two markets. Matrices are used to represent the sales quantities and unit prices of three products. Matrix multiplication is performed to calculate the total revenue for each market. The solution shows the sales quantity matrix multiplied by the unit price matrix to obtain the total revenue matrices for each of the two markets.

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iamshowrov
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206 views

Business Math Assignment

The document discusses matrices and provides examples of different types of matrices. It then presents a business problem involving the total revenue from two markets. Matrices are used to represent the sales quantities and unit prices of three products. Matrix multiplication is performed to calculate the total revenue for each market. The solution shows the sales quantity matrix multiplied by the unit price matrix to obtain the total revenue matrices for each of the two markets.

Uploaded by

iamshowrov
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Matrix
Introduction:

The knowledge of matrices is necessary in various branches of mathematics. Matrices are one of
the most powerful tools in mathematics. This mathematics tool simplifies our work to a great extent
when compared with other straight forward method. The evolution of concept of matrices is the
result of an attempt to obtain compact and simple method of salving systems of linear equations.

Definition:

 A matrices is an ordered rectangular array of numbers or functions. The numbers or


functions are called the elements or the entries of the matrix.
 Matrix is the rectangular array of numbers enclosed by two pair of vertical lines or brackets.

𝑎11 𝑎12 𝑎13


𝑎11 𝑎12 𝑎11 𝑎12
Examples: ( ) 𝑜𝑟 ‖ ‖ 𝑜𝑟 [𝑎21 𝑎22 𝑎23]
𝑎21 𝑎22 𝑎21 𝑎22
𝑎31 𝑎32 𝑎33

Types of matrices: There are various types of matrices. Here, we shall discuss important types of
matrices with examples.

1. Row matrix: If a matrix consists of only one row, then it is called a row matrix.

For Example: A = [1 2 3] is a row matrix of order 1 × 3

2. Square matrix: A matrix with same number of columns and rows is called a square matrix.
3 4 9
2 6
For examples: 𝐴 = [6 5 1] 0𝑟 𝐴 = [ ]
4 1
9 7 3

1
3. Column matrix: If a matrix consists of only one column, then it is called column matrix.
1 
2
 
3
For Examples: A=   is a column matrix of order 3×1a

4. Diagonal matrix: A square matrix whose elements aij = 0 when i ≠ j is called a diagonal
Matrix.
3 0 0
For Examples:𝐴 = [0 7 0 ] is a Diagonal matrix of order 3×1
0 0 −1

5. Scalar matrix: A diagonal whose diagonal elements are all equal is called a scalar matrix.
3 0 0
For example: 𝐴 = [0 3 0] is a Scalar matrix of order 3×1
0 0 3

6. Identity matrix: A square matrix whose elements aij = 0 when i ≠ j and aij= 1 when i = j is
called a identity matrix. It is denoted by 13.
1 0 0
For example: 𝐴 = [0 1 0] is a Identity matrix of order 3×1
0 0 1

7. Null matrix (or zero matrix) : The matrix whose each element is 0 (Zero) is known as null
or zero matrix,
0 0 0
For examples: 𝐴 = [0 0 0] is Null matrices of order 3× 3
0 0 0

8. Skew-symmetric matrix: A square matrix A is said to be skew-Symmetric matrix if AT =


-A, that is, elements aij = - aji for i ≠ j and aij= 0 for i ≠ j.

0 2 3
For examples: [−2 0 7] is Skew-symmetric matrix of order 3× 3
−3 −7 0

2
9. Inverse matrix: A and B are two non-singular square matrices such that AB = BA = I,
where I is the unit matrix, then B is said to be the inverse matrix of A as well as A is the
inverse matrix of B. The inverse matrix of A is denoted by A-1.

2 −1 2 1
For examples, A-1 = [ ] is the inverse matrix of 𝐴 = [ ]
−3 2 3 2

Business Problem:

A producer produce three product P,Q & R and sell them in to two markets, Annual sell

Quantity are as follows:

Market Products
P Q R
1 10000 2000 18000
2 6000 20000 8000

If sells price of P,Q & R are respectively Tk. 2.50, Tk. 1.25 and tk. 1.50 then determine the total
revenue of each market using matrix algebra.

Solution:

Let, sell quantity = Matrix A

Unit selling price = Matrix B

 2.5 
10000 2000 18000  
Then, A    and B  1.25
 6000 20000 8000   1.5 

Now we have to compute AB:

 2.5 
10000 2000 18000 
AB    × 1.25
 6000 20000 8000   

 1.5

3
25000  2500  27000
= 
15000  25000  12000 

545000 
=  (Answer)
 52000 

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