Assume That X, Y, and B Are Positive Numbers

question 129

Multiple Choice

Assume that x, y, and b are positive numbers. Use the properties of logarithms to write the expression in terms of the logarithms of x and y.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Market Period

A very short duration in economics during which the supply of a good is fixed and cannot be adjusted in response to changes in demand.

Long Run

The long run is a period of time in economics where all inputs and factors of production can be varied, allowing companies to adjust all their resources.

Short Run

A period in economics during which at least one input, such as plant size or capital, is fixed, limiting the capacity to adjust to changes in demand or production volume.