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SS2: ECONOMICS - 1ST TERM

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  1. Basic Tools for Economic Analysis I | Week 1
    5 Topics
  2. Basic Tools for Economic Analysis II | Week 2
    3 Topics
    |
    1 Quiz
  3. Theory of Demand | Week 3
    4 Topics
    |
    1 Quiz
  4. Theory of Supply | Week 4
    4 Topics
    |
    1 Quiz
  5. Theory of Production Possibility Curve I | Week 5
    1 Topic
  6. Theory of Production Possibility Curve II | Week 6
    4 Topics
    |
    1 Quiz
  7. Theory of Cost I | Week 7
    2 Topics
  8. Theory of Cost II | Week 8
    3 Topics
    |
    1 Quiz
  9. Revenue Concept | Week 9
    2 Topics
    |
    1 Quiz

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Topic Content:

  • Mathematical Terms Used in Comparing Numbers
    • Ratio, Rates, Fractions, Percentages, and Decimal

Ratio, Rates, Fractions, Percentages, and Decimal:

The mathematical terms are derived from natural numbers which are frequently used in comparing numbers in economic analysis.

A percentage is a part of the total expressed in 100 parts. It is any proportion in relation to a whole.

Percent means parts per hundred e.g. 5% of rice means \( \frac{5}{100} \)

Ratio is described as the relationship between two numbers. It is the relative size of any number. e.g. A plate containing 5 carrots and 1 nut, the ratio of carrots to the nut is 5 to 1 i.e. 5 : 1.

 

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Evaluation Questions:

1. Given the following set of scores 3, 4, 5, 5, 5, 6, 7, 8, 9. Find the range, variance, and standard deviation.

Solution:

a. Range = Highest value – Lowest value

= 9 – 3 = 6

b. \(\scriptsize \bar{x} = \normalsize \frac{3+4+5+5+5+6+7+8+9}{9} \\ \scriptsize \bar{x} = \normalsize \frac{52}{9} \\ \scriptsize = 5.8 \)

 

Variance (S2) = \( \frac{\sum \left ( x \: – \: \bar{x} \right )^2}{n} \\ = \frac{25.96}{9} \\ = \scriptsize 3.284  \)

d. Standard deviation = \(\sqrt{ \frac{\sum \left ( x \: – \: \bar{x} \right )^2}{n}} \\ = \sqrt{\frac{25.96}{9} }  \\ =\scriptsize \sqrt{3.284} \\ = \scriptsize 1.812 \)

2. Solve the equation        

a – 2b = 4   —— (1) 

2a + 5b = 35 —- (2)

Solution:

To eliminate a, multiply equation 1 by 2 and equation 2 by 1

a – 2b = 4   —— (1)  x 2

2a + 5b = 35 —- (2) x 1

2a – 4b = 8   —— (3) 

2a + 5b = 35 —- (4)

To get b, subtract equation 3 from 4

0 + b = 27

∴ b = 27

Subs for b in equ (1)

a – 2b = 4

a – 2(27) = 4

a – 54 = 4

a = 4 + 54 = 58

∴ a = 58, b = 27

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