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Many problems in economics can be modelled by a system of linear equations: equalities r inequalities. Such systems are best solved using matrix algebra.

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Q: What is the relationship between linear algebra and economics?
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What is the difference between algebra and linear algebra?

Linear Algebra is a special "subset" of algebra in which they only take care of the very basic linear transformations. There are many many transformations in Algebra, linear algebra only concentrate on the linear ones. We say a transformation T: A --> B is linear over field F if T(a + b) = T(a) + T(b) and kT(a) = T(ka) where a, b is in A, k is in F, T(a) and T(b) is in B. A, B are two vector spaces.


Is linear algebra and linear equations the same?

Linear Algebra is a branch of mathematics that enables you to solve many linear equations at the same time. For example, if you had 15 lines (linear equations) and wanted to know if there was a point where they all intersected, you would use Linear Algebra to solve that question. Linear Algebra uses matrices to solve these large systems of equations.


Are calculus and linear algebra courses hard for an individual who got an a plus in algebra?

you don't go from algebra to calculus and linear algebra. you go from algebra to geometry to advanced algebra with trig to pre calculus to calculus 1 to calculus 2 to calculus 3 to linear algebra. so since you got an A+ in algebra, I think you are good.


What is linear algebra?

"Linear algebra is a branch of mathematics that studies vector spaces, also called linear spaces, along with linear functions that input one vector and output another." (from Wikipedia)


What happens if the correlation coefficient equals 0?

Nothing happens. It simply means that there is no linear relationship between the two variables. It is possible that there is a non-linear relationship or that there is none.

Related questions

How much math is needed in economics?

It is recommended that an economics student take calculus, linear algebra and mathematical statistics.


What is the different between algebra and linear algebra?

Linear algebra is restricted to a limited set of transformations whereas algebra, in general, is not. The restriction imposes restrictions on what can be a linear transformation and this gives the family of linear transformations a special mathematical structure.


Why was there a need to invent linear equation in two variables?

If two variables are related, then the simplest relationship between them is a linear one. The linear equation expresses such a relationship.If two variables are related, then the simplest relationship between them is a linear one. The linear equation expresses such a relationship.If two variables are related, then the simplest relationship between them is a linear one. The linear equation expresses such a relationship.If two variables are related, then the simplest relationship between them is a linear one. The linear equation expresses such a relationship.


Is the relationship between inches and centimeters linear or non linear?

It is linear.


What is the difference between algebra and linear algebra?

Linear Algebra is a special "subset" of algebra in which they only take care of the very basic linear transformations. There are many many transformations in Algebra, linear algebra only concentrate on the linear ones. We say a transformation T: A --> B is linear over field F if T(a + b) = T(a) + T(b) and kT(a) = T(ka) where a, b is in A, k is in F, T(a) and T(b) is in B. A, B are two vector spaces.


What is the difference between abstract algebra and linear algebra?

Linear algebra concerns vector spaces whether finite- or infinite-dimensional. Abstract algebra, or modern algebra, includes linear algebra, along with many other kinds of objects, such as groups, rings, fields, lattices, and so on. In part, it was an attempt to put mathematics on a more rigorous footing. Please see the links.


Is there such thing as linear algebra?

yes, also this question belongs in the linear algebra forum not the abstract algebra forum


When was Lis - linear algebra library - created?

Lis - linear algebra library - was created in 2005.


How do you apply linear algebra to economics?

The application of linear algebra to economics lies primarily in its use of matrices. A matrix in economics is used as a means to solve a large number of linear equations at once, where the variables are economic indicators and factors. As a whole, then, a matrix represents a transformation from one state to another state, and one can view the economy as a succession of such states. The methods can be extended to linear combinations of non-linear equations, where the entries might be operators rather than numbers. Given the huge number of factors involved, linear algebra has various methods for reducing the complexity of the problem. It also investigates properties of matrices such that one need not always waste time trying to find the precise solutions in order to determine some property of the system. Simulations of systems often use matrices.


Is linear algebra and linear equations the same?

Linear Algebra is a branch of mathematics that enables you to solve many linear equations at the same time. For example, if you had 15 lines (linear equations) and wanted to know if there was a point where they all intersected, you would use Linear Algebra to solve that question. Linear Algebra uses matrices to solve these large systems of equations.


Are calculus and linear algebra courses hard for an individual who got an a plus in algebra?

you don't go from algebra to calculus and linear algebra. you go from algebra to geometry to advanced algebra with trig to pre calculus to calculus 1 to calculus 2 to calculus 3 to linear algebra. so since you got an A+ in algebra, I think you are good.


What is similar between an inverse relationship and a linear relationship What is different?

decreases