Which of the following constitute a reduced form solution of a model?
NOTE: A reduced form solution is an equation in which an endogenous variable is expressed as a function of the exogenous variables.
a. an equilibrium price as a function of the wage rate and consumer income –both given- in a supply and demand model where demand is a function of price and consumer income and supply is function of price and the wage rate
b. the optimal quantity of a good consumed expressed as a function of given consumer income and given prices of goods consumed by the consumer in a model of consumer demand where the consumer maximizes a utility function subject to a budget constraint
c. both a. and b. are correct
d. neither a. or b. are correct