Please answer the following questions:
(a) In the equation y = 13x + 8 where y is a function of x, please define:
(i) What is the independent variable?
(ii) What is the dependent variable?
(iii) What is the intercept?
(iv) What is the slope?
(v) What is the value of y when x = 5?
B)(b) Given an economic model of a market as:
Q = - P + W …(equation 1)
P = Q +Z … (equation 2)
Please define:
(i) Which equation represents demand side?
(ii) Which equation represents supply side?
(iii) What are endogenous variables in this model?
(iv) What are exogenous variables in this model?
(v) What is the reduced form of this model?
In other words, please use the solve for the endogenous variables in terms of the exogenous variables.