JAMB - Economics (1999 - No. 1)

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
N5,200
N 4,760
N4,670
N2,080

Explanation

Three employees earns N5,500 each = 3 x 5,500 = 16,500

Four earn N3,300 each, = 4 x 3,300 = 13, 200

Two earns N5,000 each = 2 x 5000 = 10000

One earn N7,000 = 1 x 7000 = 7000

Total income = 46,700

Number of employees = 3 + 4 + 2 + 1 = 10

The mean income of the employees  = \(\frac{\text{total income}}{\text{No of employees}}\) = \(\frac{46,700}{10}\) = N4,670

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