Application of Matrices in the field of

Commerce

Matrices are one of the most commonly used tools in business. As one responder mentioned they are used in linear
programming to determine the most profitable combination of ingredients in a product. They are also used
extensively in the decision making process. The person answering that they are just for show amply illustrated his
ignorance to real business people.

Let’s discuss how various situations in business and economics can be represented using matrices. These can be
shown using the Some examples.
1. Annual productions of two branches selling three types of items may be represented as follows:

Branch Item A Item B Item C

I    

II      

INTERESTED
2. Number of staff in the office can be represented as follows:

  Peon

  Clerk

  Typist

  Head Clerk

  Office Superintendent

INTERESTED
3. The unit cost of transportation of an item from each of the three factories to each of
the four warehouses can be represented as follows:

  Warehouse

Factory W1 W2 W3 W4

I        

II        

III        
INTERESTED