1.

Define matrix with the uses in business and management.What is meant by open and close economy?

A matrix is a rectangular array of numbers or symbols, arranged in rows and columns. In business and
management, matrices can be used to represent various data sets, such as financial statements,
customer demographics, or market trends. Matrices can be analyzed using various mathematical
techniques, such as matrix algebra, to gain insights into patterns and relationships within the data.

An open economy is one that engages in trade and commerce with other countries, allowing for the free
flow of goods, services, and capital across borders. Open economies tend to be more integrated into the
global market and are often characterized by greater competition and increased opportunities for trade
and investment.

In contrast, a closed economy is one that is relatively isolated from the global market, with limited trade
and commerce with other countries. Closed economies may have more control over their domestic
markets and resources, but they may also be more vulnerable to external shocks and economic
fluctuations.

The distinction between open and closed economies can have significant implications for businesses and
management strategies, as firms operating in open economies may need to consider factors such as
international trade regulations, currency exchange rates, and cultural differences when making
decisions about marketing, production, and distribution.

2.

Define with example::::Matrix,scalar matrix,symmetric,diagonal matrix,transpose matrix,

unit matrix

***Matrix: A matrix is a rectangular array of numbers or other mathematical objects arranged in rows
and columns. Matrices are often used to represent linear transformations, systems of linear equations,
and other mathematical structures in algebra and calculus.

For example, consider the matrix A = [2 3 5; 1 0 -2], where the semicolon separates the rows of the
matrix. This matrix has two rows and three columns.
***Scalar matrix: A scalar matrix is a square matrix in which all diagonal elements are equal to a
constant, and all non-diagonal elements are zero.

For example, consider the matrix B = [4 0 0; 0 4 0; 0 0 4]. This is a 3x3 scalar matrix with diagonal entries
equal to 4 and all other entries equal to zero.

***Symmetric matrix: A symmetric matrix is a square matrix that is equal to its own transpose. In other
words, the elements in the i-th row and j-th column of the matrix are equal to the elements in the j-th
row and i-th column of the matrix.

For example, consider the matrix C = [3 1 4; 1 5 -2; 4 -2 6]. This is a symmetric matrix because C = C^T,
where C^T is the transpose of C.

***Diagonal: A diagonal matrix is a special type of square matrix where all the off-diagonal elements are
zero. The diagonal elements can be any scalar values, including zero. For example,

A=[400]

[020]

[006]

In this example, the diagonal elements are 4, 2, and 6.

****Transpose: The transpose of a matrix is obtained by interchanging its rows and columns. The
transpose of a matrix A is denoted by Aᵀ. For example,

A=[123]

[456]

The transpose of A is

Aᵀ = [ 1 4 ]

[25]
 [36]

****Inverse: The inverse of a square matrix A is denoted by A⁻¹ and it is a matrix that, when multiplied
with the original matrix A, produces the identity matrix I. A square matrix is said to be invertible or non-
singular if its inverse exists. For example,

A=[21]

[32]

The inverse of A is

A⁻¹ = [ 2 -1 ]

[ -3 2 ]

***Non-singular matrix: A square matrix is non-singular if its determinant is non-zero, and it is

A=[21]

[32]

The determinant of A is 1, which is non-zero. Therefore, A is non-singular and invertible.

***Determinant:

The determinant is a scalar value that can be calculated from a square matrix. It represents some
properties of the matrix such as whether it has an inverse or not, whether the system of linear
equations represented by the matrix has a unique solution or not, etc.

For example, consider the matrix A = [[2, 3], [4, 5]]. The determinant of A can be calculated as
follows:|A| = 25 - 34= -2

Hence, the determinant of matrix A is -2.

****Inverse Matrix:

The inverse matrix of a square matrix A is denoted as A^-1 and is the matrix that, when multiplied with
A, produces the identity matrix. The inverse matrix is only defined for square matrices that have a non-
zero determinant.

****Unit Matrix:
A unit matrix, also known as an identity matrix, is a square matrix that has 1s along the diagonal and 0s
elsewhere. A unit matrix is denoted as I, and is a special matrix in that it has the property that when
multiplied with any other matrix, the result is the same as that matrix.

For example, consider the 3x3 unit matrix I:

I = [[1, 0, 0], [0, 1, 0], [0, 0, 1]]

When I is multiplied with any other matrix A, the result is the same as A:

AI = [[1, 0, 0], [0, 1, 0], [0, 0, 1]] * A

= A ...

Hence, the unit matrix I is an important matrix in linear algebra as it is used to represent operations such
as scaling, rotation, and reflection of vectors and matrices.

***Null matrix::

A null matrix, also known as a zero matrix, is a matrix in which all entries are zero. It is denoted by the
symbol 0 or O. The null matrix can have any number of rows and columns, as long as all entries are zero.

For example, the matrix D = [0 0; 0 0] is a null matrix, since all entries are zero. Similarly, the matrix E =
[0 0 0; 0 0 0] is also a null matrix, as all entries are zero

2.

Discuss about LEONTIEF input output model.

The Leontief Input-Output model is an economic model that was developed by Wassily Leontief in the
1930s. This model is a type of linear algebraic model that uses matrices to represent the relationships
between different sectors of an economy. The model is based on the assumption that the production of
any good or service requires inputs from other goods and services, and that the final output of any
sector of the economy is used as input by other sectors.

The Leontief Input-Output model is used to analyze the interdependence between different sectors of
an economy, and to study the effects of changes in production or demand on the overall economy. The
model is based on a set of input-output tables, which represent the flow of goods and services between
different sectors of the economy.
In the model, each sector of the economy is represented by a column in a matrix, and the inputs and
outputs of each sector are represented by the rows of the matrix. The input-output coefficients in the
matrix represent the amount of output of each sector that is required as input by each other sector.
These coefficients are derived from data on the economy, such as the total output of each sector and
the amount of inputs required by each sector.

The Leontief Input-Output model can be used to analyze the effects of changes in demand or production
on the economy. For example, if there is an increase in demand for a particular sector, the model can be
used to predict the effects of this increase on the rest of the economy. The model can also be used to
study the effects of changes in production technology or changes in input prices.

Overall, the Leontief Input-Output model is a useful tool for studying the interdependence between
different sectors of an economy and for predicting the effects of changes in the economy. It has been
used in a wide range of fields, including economics, regional planning, and environmental studies.

3.Illustrate the concept of Leantief Input output model

The Leontief Input-Output Model, also known as the Input-Output Analysis, is an economic model that
analyzes the interdependence of different economic sectors within an economy. The model was
developed by Wassily Leontief in the 1930s and has since been used to study the flow of goods and
services between different sectors of an economy.

The basic idea behind the Leontief Input-Output Model is that each sector of an economy requires
inputs from other sectors to produce its output. These inputs can be in the form of goods, services, or
capital. Similarly, each sector of an economy provides output that is used as input by other sectors. This
interdependence between sectors can be represented in a matrix called the Input-Output Table, which
shows the production and consumption of each sector in the economy.

Let's take an example to illustrate this concept. Suppose we have an economy with three sectors:
agriculture, manufacturing, and services. The Input-Output Table for this economy might look like this:
 Agriculture Manufacturing Services

Produced 100 150 200

Consumed by:

Agriculture 50 20 10

Manufacturing. 30 80 40

Services 20 50 150

This table shows that the agriculture sector produces 100 units of output, the manufacturing sector
produces 150 units of output, and the services sector produces 200 units of output. Each sector also
consumes inputs from other sectors to produce its output. For example, the agriculture sector consumes
50 units of output from the agriculture sector itself, 20 units of output from the manufacturing sector,
and 10 units of output from the services sector.

The Leontief Input-Output Model can be used to analyze the impact of changes in one sector of the
economy on the other sectors. For example, if there is a change in the demand for agricultural products,
the Input-Output Model can be used to predict how this change will affect the manufacturing and
services sectors that depend on inputs from agriculture. This analysis can be used to inform policy
decisions and help policymakers understand the impact of different economic policies on the different
sectors of the economy.