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Economics

Inyang Umoh (tutor)
26-02-2016 05:31:00 +0000

The more you learn about economics, the more math background will be required. This hold true even for JAMB economics.

We've found that JAMB often asks some basic math questions on the exam. It's important you master these concepts because they are a an easy way to score points on the exam.

You will need to understand the following math concepts: mean, median, mode, range, standard deviation.

To illustrate these concepts we will use the following numbers:
1, 2, 3, 3, 7, 12, 45.

Mean - the average of all the numbers. Calculated by sum of all number divided by number of numbers.
The sum of all the numbers is 73
There are 7 numbers, so the average is 73/7 = 10.4

Median - the middle number (or in the case of a even set of numbers, the average of the 2 middle numbers).
The middle number is 3. Because 3 numbers (1,2,3) are to the left of it and 3 numbers (7,12,45) are to it's right.

Mode - simply means the number that shows up most frequently. If there are no repeating numbers, then there is no mode.
In the case of the numbers above, the mode is 3.
Range - the largest number minus the smallest number
In this case, the rage is (45 - 1) = 44
Standard deviation. The standard deviation is represented as a formula. You are usually not asked to calculate the formula but you need to know that the standard deviation is calculated from the mean. The standard deviation is used to calculate how closely a data set clusters around the mean.
For example imagine these two sets of numbers
set A: -1 and 1
Set B: -10 and 10

Although the mid point of both sets of numbers is 0, the number in set A are closer to the mid point than the numbers in set B. So the standard deviation of A will be smaller. So whenever you see the term "central tendency" on the exam. This is what they are talking about.

• ekhator osawese

dont understand d standard deviation

0 26-02-2016 06:59:00 +0000

• Tomisin Esther

Dnt understand it 2

0 26-02-2016 09:37:00 +0000

explain more further

0 27-02-2016 11:45:00 +0000

yea

0 01-03-2016 20:37:00 +0000

• Mr Jatoeb

Yes

0 07-03-2016 08:26:00 +0000

• Kenneth Nandom

Yea

0 03-11-2016 16:05:00 +0000

• Willie Willie

nice explanation. but I don't quite agree with you regarding the range. the range of an ungroup data ought to be highest value/score minus lowest value/score. thanks

0 25-01-2017 12:12:00 +0000

• Inyang Umoh (tutor)

@william you are correct about 'range'. I've updated the description

0 27-01-2017 11:56:00 +0000

• Kenny Samuel

Pls explain further

0 30-01-2017 12:51:00 +0000

• Inyang Umoh (tutor)

@kenny what part do you need explained

0 30-01-2017 19:00:00 +0000