Final answer:
The 'p' value in the given equation represents the coefficient of the quadratic term and determines the horizontal stretch or compression of the graph.
Step-by-step explanation:
In the equation y = 1/4p(x-h)²+k, the 'p' value represents the coefficient of the quadratic term. It determines how the graph of the quadratic function is stretched or compressed horizontally. A larger value of 'p' will make the graph narrower, while a smaller value of 'p' will make it wider.