ABSTRACT
This work is focused on the application of matrices to input and output model and price determination. we also discussed Leontief input-output model. This model is used to show us how to use matrix concept to solve most economical problem using input-output model as example
CHAPTER ONE
1.1 INTRODUCTION
Several aspects of life or fields are characterized by system which in most cases are complex and require rigorous analysis to be able to solve the problems posed by these systems. The importance of matrix cannot be overemphasized as it has been a tool for the simplification complex system in order to obtain solutions. However, in this project work, we are taking specific consideration of examples from input-output model and on price determination.
In chapter one, we will consider the introduction of matrix with regards to this project work. We are giving to be defining important terms that are relevant and will and proper understanding of the work.
Chapter two, focuses on matrix concepts. These concepts will be useful in its application to solving problems from input-output model & price determination. The chapter two, of this work talk about a model (Leontief input-output Model) that uses matrix concepts to solve problems especially from Economics. We will see how Leontief used matrix to model the production level of a nation’s Economy.
Chapter Three, will focus on different applications of matrices. Application would be drawn from input-output model & price determination and be solved using matrix approach. Chapter four, on interpretation of result of chapter three and what we have been able to achieve in the project work.