Use a Calculator to Approximate the Logarithm to Four Decimal $\log 0.0748$

question 8

Multiple Choice

Use a calculator to approximate the logarithm to four decimal places.
- $\log 0.0748$

• A) \(- 1.1261\)
• B) \(- 1.1319\)
• C) \(- 2.5929\)
• D) \(- 1.1203\)

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Definitions:

Excess Burden

Excess Burden, also known as deadweight loss, is the cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.

Nonneutral Tax

A tax that impacts differently on different types of economic activities, influencing the allocation of resources.

Perfectly Elastic

Describes a market situation where product demand or supply can vary greatly with a small change in price.

Excess Burden

The economic cost to society exceeding the revenue generated by a tax, often resulting from distortions in market behavior.