JAMB - Economics (2024 - No. 49)

In the equation Q = a - bp + e; Q and P are ... Variables respectively.
independent and dependent
dependent and independent
independent and constant
error term and independent

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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