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.

  1. dependent and independent ✓
  2. error term and independent
  3. independent and constant
  4. independent and dependent
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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