Application of Matrices to Input and Output Model and Price Determination

Introduction

 Input and Output Model and Price Determination, 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.

These concepts will be useful in its application to solving problems from input-output model & price determination.  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.

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