Find the Value of the Logarithmic Expression $\log _ { 2 } 8$

question 261

Multiple Choice

Find the value of the logarithmic expression.
- $\log _ { 2 } 8$

• A) \(\frac { 1 } { 3 }\)
• B) 6
• C) 3
• D) 1

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Definitions:

Intertemporal Budget Constraint

A concept that describes the trade-offs between current and future consumption, considering the effects of present decisions on future financial standing.

Present Value

The current worth of a future sum of money or stream of cash flows, given a specific rate of return.

Lifetime Consumption

Refers to the total amount of goods and services consumed by an individual over the entirety of their life.

Real Interest Rate

The interest rate that has been adjusted to remove the effects of inflation, reflecting the true cost of borrowing.