Use the Following Approximations to Find the Approximate Value of the Logarithmic

question 117

Multiple Choice

Use the following approximations to find the approximate value of the logarithmic expression: $\log _ { b } 3 \approx 0.5$ logb $8 \approx 0.9$
$\log _ { b } 5 \approx 0.7$ logb $20 \approx 1.3$
- $\log _ { b } \sqrt [ 3 ] { 8 }$ Round answer to nearest hundredth.

• A) \(0.45\)
• B) 2
• C) \(2.7\)
• D) \(0.3\)

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Definitions:

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit of a good changes as the production volume varies.

Average Variable Cost

Variable cost divided by the quantity of output

Unique Goods

Products that are distinct in their characteristics, offering uniqueness that differentiates them from mass-produced items.

Price Discrimination

A strategy in pricing where the same provider sells identical or nearly identical products or services at varying prices across different markets.