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A variable is a single term that is free to change its value.

A formula is a relationship between terms which describes one variable in terms of several others, which usually has 1 variable on the left hand side, and at least 1 on the other side. For example (if x and y are variables, then y = x² is a formula of y in terms of x).

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Q: What is the difference between a variable and a formula?
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