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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 Mode
  • Advantages of Mode
  • Disadvantages of Mode
  • Evaluation Questions

What is the Mode of a Set of Numbers:

This is the most common number in a set of scores. It is also referred to as the most frequently occurring number, in a set of data or distribution.

It is the figure or item that has the highest frequency. We have Bi-Modal and Multi-modal. A set of (2) two modes is called Bi-Modal while a set of modes with three or more is called Multi-Modal. 

Example 4.4.4:

Given the following set of numbers 33, 40, 4, 63, 9, 33, and 120. Find the mode.

Solution:

 

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Question 1

Find the arithmetic mean, mode, and median

Arithmetic Mean = \( \frac{\sum fx}{\sum f} \\ = \frac{3900}{20} \\ \scriptsize \bar{x} = 195 \)

Mode = 180 because it is the number with highest frequency and it appears 8 times

Arrange in ascending order

90, 90, 180, 180, 180, 180, 180, 180, 180, 180, 210, 210, 210, 210, 240, 240, 240, 240, 240, 240

∴ Median = \( \frac{180 \; + \; 210}{2} \\ = \frac{390}{2} \\ = \scriptsize 195 \)

Question 2

Importance of a Table

  1. It serves as a basis for plotting graphs.
  2. It shows the relationship between two or more variables.
  3. It makes information neater.
  4. It makes data to be easily understood when represented in a table form.
  5. It avoids confusion and repetition of figures.
  6. Figures can be observed at a glance through a table.

Question 3

Guidelines to draw a Graph

  1. The graph must be titled or headed clearly.
  2. The vertical side of a graph is denoted by Y and read as Y-axis while the horizontal side is denoted as X and read as X-axis.

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