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JAMB Economics 1999 Question 1

Question 1

Tools of Economic Analysis

In a firm, three employees earn ₦ 5,500 each, four earn ₦ 3, 300 each, two earn ₦ 5 000 each and one earns ₦ 7,000. The mean income of the employees is

  1. A.₦ 5,200
  2. B.₦ 4,760
  3. C.₦ 4,670
  4. D.₦ 2,080
Show the answer and explanation

Answer: C (₦ 4,670)

Explanation

Total = 3 × 5,500 + 4 × 3,300 + 2 × 5,000 + 7,000 = 16,500 + 13,200 + 10,000 + 7,000 = ₦46,700. Mean = 46,700 ÷ 10 = ₦4,670.