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FREQUENCY DISTRIBUTION IN ECONOMICS

FREQUENCY DISTRIBUTION IN ECONOMICS

what is frequency distribution? Frequency distribution refers to the arrangement of data or information in tabular form to reflect their frequencies.

demand for eggs
demand and supply

Frequency refers to the number of times a particular event or information is usually used when data presented are large and most of the numbers may appear more than once.

understanding frequency distribution of datas

Example of frequency distribution in economics

Represent the marks scored by 30 biology students in SSI by frequency distribution using the following data.

20        8          12        4          18        18        18

20        12        6          18        20        8          2

8          18        12        8          8          18        20

2          20        18        18        20        8          2

4          18

solving problems using frequency distribution

Arrange the data in the following manner.

Table 2.10: Marks scored by 30 biology students in SSI

Score (x)                     Tally or Counts                     Frequency

2                                  II                                            2

4                                  III                                           3

6                                  I                                              1

8                                  IIII                                         5

12                                IIII                                         4

18                                IIII IIII                                  9        

 

BASIC TOOLS FOR ECONOMIC ANALYSIS

2.1       PERFORMANCE OBJECTIVES

At the end of this chapter, students should be able to:

  • Define basic economics tools, state their uses and importance
  • Construct a frequency distribution
  • Calculate the mean, median and mode of any given set of data.

Calculate the mean of the following sets of numbers:

8, 16, 24, 8, 12, 12, 16, 18, 24, 10, 16, 20, 24, 24, 12, 24, 12, 16, 24, 18, 18.

Solution

Step I: Identify the numbers that occur in the set, i.e. 8, 10, 12, 16, 18, 20 and 24. Arrange these numbers in a frequency distribution table (table 2.11).

Step II: Arrange the numbers starting from the smallest number, which is 8, to the highest number, which is 24, as shown in table 2.11.

Step III: Arrange the figures or numbers in a frequency distribution table as shown in table 2.11.

Table 2.11: Frequency distribution  

Numbers        (X)Tally or countsFrequency (f)
8 10 12 16 18 20 24II I IIII III III I IIII I2 1 4 3 3 1 6
  1. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building
  8. budgeting
  9. factors affecting the expansion of industries
  10. mineral resources and the mining industries
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