Basic Tools of Economic – Measures of Central Tendencies

Economics SSS1 First Term

WEEK 3

Basic Tools of Economic – Measures of Central Tendencies

Performance Objectives        

Student should be able to:

1. Calculate the mean, median and mode of any given set of data.

Content

Measure of central tendency

This refers to the statistical information that gives the middle or centre or average of a set of data. There are three popular measures of central tendency. They are:

The Arithmetic Mean: the arithmetic mean also popularly referred to as the mean is the average of a series of figures or values. It is obtained by dividing the sum of these figures by the total number of the figures or values.

The formula for calculating mean

Mean = ∑X ÷ N

Here,…