Friday, February 26, 2016

JAMB 2016/2017 Economics Study: Basic Tools Of Economics Analysis (Mean, Median Mode)

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Charts and tables

Charts and tables ought to be ideally understandable even without reading the accompanying text.

The main point of the chart title is therefore to assist understanding.

If the s
ubject of the chart or table is expressed in a way which makes it completely clear, say it is in the middle of a story about Nigeria, then the title need not reflect the subject.

However, in that case the title should be unambiguous.

Table

Tables always present lists of numbers or text in columns and can be used to analyze literature, explain variables, or present the wording of survey questions. They could also be used to make a paper or writing more readable, and typically are used to present raw data.

Chart

Chart is a representation of data done graphically, where the data is represented by symbols, like bars for bar chart, lines for line chart, or slices for pie chart.

Graph

A graph could be a representation of a set of object, in which some pairs of that objects are connected by links. Vertices are the mathematical abstractions that interconnected objects, and edges are the links that connect some pairs of vertices.

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Basic statistical measures and representations

The terms mean, median, and mode are those statistical measures which describe properties of statistical distributions. A distribution in statistics is the set of all possible values for terms that represent defined events.

The statistical distributions are of two major types.

1. Discrete random variable: This connotes that all term has a precise and isolated numerical value. For instance, a distribution with a discrete random variable is the set of results for a test taken by a class.

2. Continuous random variable: Here, a term can acquire any value within an interval or span that is unbroken.

Mean

The mathematical average of all the terms is the most common expression for the mean of a statistical distribution with a discrete random variable. For calculation, it is the sum of the values of all the terms, divided by the number of terms.

We can obtain the mean of a statistical distribution with a continuous random variable, which is also called the expected value by integrating the product of the variable with its probability. The expected value is always denoted by the lowercase Greek letter mu (ยต).

Median

The median of a distribution is always dependent on whether the number of terms in the distribution is even or odd. If the number of terms is odd, therefore the middle value is the median. If the number of terms is even, therefore the average of the two terms in the middle is the median, such that the number of terms having values higher than or equal to it is the same as the number of terms having values lower than or equal to it.

Mode

The value of the term that often occur the most is the mode of a distribution with a discrete random variable. It is common for a distribution with a discrete random variable to have more than one mode, particularly if the terms are not much. This normally happens when two or more terms occur with the same frequency, and occurs more often than any of the others.

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Bimodal is a distribution with two modes, while a distribution with three modes is known as trimodal. The maximum value of the function is the mode of a distribution with a continuous random. There may be more than one mode as with discrete distributions.

Range

The difference between the maximum value and the minimum value is the range of a distribution with a discrete random variable. That is for a distribution with a continuous random variable, where the value of the function falls to zero, the range would be the difference in the two extreme points on the distribution curve. The value of the function is equal to zero for any value outside the range of a distribution.

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