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SS1: ECONOMICS - 1ST TERM

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  1. Introduction to Economics | Week 1
    3 Topics
    |
    1 Quiz
  2. Basic Concept of Economics | Week 2
    4 Topics
    |
    1 Quiz
  3. Basic Tools for Economic Analysis | Week 3
    8 Topics
    |
    1 Quiz
  4. Measure of Central Tendency | Week 4
    4 Topics
    |
    1 Quiz
  5. Theory of Demand & Supply I | Week 5
    5 Topics
    |
    1 Quiz
  6. Theory of Demand & Supply II | Week 6
    7 Topics
    |
    1 Quiz
  7. Theory of Production I | Week 7
    7 Topics
    |
    1 Quiz
  8. Theory of Production II | Week 8
    4 Topics
    |
    1 Quiz
  9. Basic Economic Problems of the Society | Week 9
    1 Topic
    |
    1 Quiz
  10. Economic System | Week 10
    4 Topics
    |
    1 Quiz



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Topic Content:

  • Definition of Median
  • Advantages of Median
  • Disadvantages of Median

Median is the value of the middle number in a given data. It is the value in which an observation is equal after dividing the distribution into two. It refers to the middle number in a set of data or distribution arranged in order of magnitude. Arrangement is in ascending or descending order.

Example 4.3.1:

Find the median of the following set of numbers 31, 48, 76, 66, 25, 55, 10

Solution:

Step 1: Rearrange in order of magnitude;

10, 25, 31, 48, 55, 66, 76

Step 2: Locate the number in the middle. If the number of observations is odd, the number in the middle of the list is the median.

 

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