“Analysis of economic relationships often requires inclusion of a large number of interrelated variables into the model. Linear algebra provides tools of solving simultaneous equations with the aid of matrices and determinants means for their concise presentation and solution mechanism”. In the light of this statement, explain the concept of matrix and determinants.

Matrix and determinants are central concepts in linear algebra, a branch of mathematics that deals with the study of linear equations and their transformations. These mathematical tools are used in a wide range of applications, including economic analysis, physics, engineering, and computer graphics, among others.

A matrix is a rectangular array of numbers, symbols, or expressions that are arranged in rows and columns. Matrices are commonly denoted by capital letters, such as A, B, or C. For example, the matrix A = [[a, b], [c, d]] is a 2x2 matrix, meaning it has two rows and ___ _________ ___ ____ _________ _________ _______ _____ ______ ___.
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