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In the equation Q = a – bp + e; Q and P are ……

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Economics JAMB 2024

In the equation Q = a – bp + e; Q and P are … Variables respectively.

  • independent and dependent
  • dependent and independent checkmark
  • independent and constant
  • error term and independent

The correct answer is: B

Explanation

In the given equation, Q represents the dependent variable, which means it is the variable that is being explained or predicted based on the values of other variables. In this case, Q is the dependent variable because its value depends on the values of other variables in the equation.
On the other hand, P represents the independent variable, which means it is the variable that is being manipulated or controlled and is expected to have an effect on the dependent variable. In this equation, P is the independent variable as its value can be changed or adjusted independently of other variables to observe its impact on Q.

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