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An economic variable can be exogenous in some models and endogenous in others. In particular this can happen when one model also serves as a component of a broader model.
In mathematics, a function is a rule for taking an input (in the simplest case, a number or set of numbers) [5] and providing an output (which may also be a number). [5] A symbol that stands for an arbitrary input is called an independent variable, while a symbol that stands for an arbitrary output is called a dependent variable. [6]
In mathematics, and in other disciplines involving formal languages, including mathematical logic and computer science, a variable may be said to be either free or bound.. Some older books use the terms real variable and apparent variable for free variable and bound variable, respective
In the more general multiple regression model, there are independent variables: = + + + +, where is the -th observation on the -th independent variable.If the first independent variable takes the value 1 for all , =, then is called the regression intercept.