Solve the Logarithmic Equation Algebraically

question 214

Multiple Choice

Solve the logarithmic equation algebraically.Approximate the result to three decimal places. ​ ​

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Definitions:

Income Effect

The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.

Price Decrease

A reduction in the cost of a good or service, which can increase consumer demand but may decrease supplier profits.

Consumer's Optimal

The point at which the combination of goods and services purchased by a consumer provides maximum satisfaction or utility, given the consumer's income and the prices of goods.

Price of Good

The amount of money required to purchase a specific good or service.