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Application of Matrices in Real-Life. In economics very large matrices are used for optimization of problems, Application of Correlation in real-life problems. 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.

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A major application of matrices is to represent linear transformations, in game theory and economics, the payoff matrix encodes the payoff for two players, The role of unimodular (E), paramount (M) and dominant matrices in network theory is described. A distinction is made between the unimodular matrices which

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