Applications of Matrices to Business

Business Mathematics
Group: 05
Md Reaz Khan Tutul ID: 10619029
Saki Shome ID: 10619023
Tanvir Rahman Akash ID: 10619024
Fahmida Amin ID: 10619026
Maisha Abedin ID: 10619031

Professor Dr. Mohammad Sayful Islam

Department of Mathematics, SUST
Army Institute of Business Administration
 Contents
Page Number Contents

(3-4) Matrix multiplication in business

mathematics

4 Matrix addition in business mathematics

5 Matrix subtraction in business

mathematics

(6-8) INVERSE MATRIX

a) Determinant of Matrix
b) Co-factor of Matrix
c) Ad joint of Matrix
 DEFINITIONS
Inverse Matrix: If A is an n×n matrix and I be an n×n identity matrix, then the n×n matrix B (also
called as B=A−1) said to be inverse matrix such that=BA=I or AA−1=A−1A=I. Note that, all the
square matrices are not invertible. If the square matrix has invertible matrix or non-singular if
and only if its determinant value is non-zero.
Cofactor: In linear algebra, the adjugated, classical adjoint, or adjunct of a square matrix is the
transpose of its cofactor matrix.
Determinant of a Matrix: In linear algebra, the determinant is a scalar value that can be computed
from the elements of a square matrix and encodes certain properties of the linear transformation
described by the matrix. The determinant of a matrix A is denoted det(A), det A, or |A|.
 1. Two competing companies offer satellite television service to a city with 100,000
households. Figure 2.1 shows the changes in satellite subscriptions each year. Company
A now has 15,000 subscribers and Company B has 20,000 subscribers. How many
subscribers will each company have in one year?

SOLUTION
The matrix representing the given transition probabilities is

and the state matrix representing the current populations in the three states is

To find the state matrix representing the populations in the three states in one year, multiply by
to obtain
In one year, Company A will have 23,250 subscribers and Company B will have 28,750
subscribers.

2. The quarterly production of Tablet, Capsule, and Syrup for the year 2012 and 2013 are
given below
Q. a) Find the total sales of Tablet, Capsule, and Syrup will be obtained as under-

Q) b) A represents the production of whole 2013 year is

B represents the production for the first three months

Find the production for the last nine months.

 3. a) Q represents the total quantity of production and Represents the price.

b) By using of inverse matrix, we can determine the salary of our officers, staffs and
workers.
Let,
X represents the salary of workers
Y represents the salary of staffs
Z represents the salary of officers
Then the equation for 2011, 2012 and 2013 are:
Step2: finding the minor matrix:
Step3: Finding the co-factor:
 Conclusion

From the analysis we can say that Mathematics can be applied in business operation and it helps us a lot
to do business accurately and easily.