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variable for CIMA C03 Fundamentals of Business Mathematics

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Can anyone tell me about  variable for CIMA C03 Fundamentals of Business Mathematics Relationships  ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

A variable represents a concept or an item whose magnitude can be represented by a number, i.e. measured quantitatively. Variables are called variables because they vary, i.e. they can have a variety of values. Thus a variable can be considered as a quantity which assumes a variety of values in a particular problem. Many items in economics can take on different values. Mathematics usually uses letters from the end of the alphabet to represent variables. Economics however often uses the first letter of the item which varies to represent variables. Thus p is used for the variable price and q is used for the variable quantity.

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