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It is very common to use, but it is not the only variable you can use.
You can use any variable that you want.
there is no variable for 500, but you could use the most commonly known variable X.
You use substitution when you can solve for one variable in terms of the others. By substituting, you remove one variable from the equation, which can then be solved. Once you solve for one variable, you can use substitution to find the other.
By using algebra. You have to isolate the variable and use the constants to find the varaible.