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JAMB Economics 2017 Paper

Question : 16

Total: 50

Given that ∑fx = 340 and N = 20, find the arithmetic mean.

Solution:

Concept:

The arithmetic mean is the sum of all observed values divided by the total number of observations.

Explanation:

The formula for the arithmetic mean is

\bar{x} = \frac{\sum fx}{N}

where

\sum fx = 340

and

N = 20

Substitute the given values into the formula:

\bar{x} = \frac{340}{20}

Simplify the fraction:

\bar{x} = 17

Therefore, the arithmetic mean of the data is

17.0

Answer:

17

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