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JAMB Economics 2005 Question 35

Question 35

Tools of Economic Analysis

Use the table below to answer the question.
Price (₦) | Quantity(kg)
40 | 6
48 | 5
55 | 4
60 | 3
70 | 2
Find the mean price of the distribution

  1. A.N54
  2. B.N51
  3. C.N56
  4. D.N59
Show the answer and explanation

Answer: B (N51)

Explanation

Weight each price by its quantity: (40×6 + 48×5 + 55×4 + 60×3 + 70×2) ÷ (6+5+4+3+2) = 1020 ÷ 20 = ₦51.