In the equation Q = a – bp + e; Q and P are ………………………………………….. Variables respectively.
Source: JAMB · 2024
In the equation Q = a – bp + e; Q and P are ………………………………………….. Variables respectively.
Explanation
In Q = a – bP + e, Q is the dependent variable. Its value depends on P, which is the independent variable.
The independent variable is the input you control. The dependent variable is the output that changes based on that input.
In a demand equation, quantity (Q) depends on price (P). Price is independent, quantity is dependent.
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