
Basic Math Required for Economics (Economics Lesson)
Economics
Inyang Umoh (tutor)
26022016 05:31:00 +0000The 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.

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