Given That Log 8 5 = 0 $\log 8 \left( \frac { 5 } { 11 } \right)$

question 83

Short Answer

Given that log 8 5 = 0.7740 and log 8 11 = 1.1531, evaluate the expression $\log 8 \left( \frac { 5 } { 11 } \right)$ by using properties: For positive real numbers b , r and s , where b $\neq$ 1, and for any real number p , $\log b^{ r s} = \log b^ r + \log b ^s$ $\log b \frac { r } { s } = \log b r - \log b s$ $\log b r ^ { p } = p ( \log b r )$ Please give the answer to four decimal places.

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Definitions:

Monopolistic Competition

A commercial ecosystem where a plethora of firms sell goods that are closely similar but not duplicate, allowing them a certain sway over market dynamics.

Complexity

The state or quality of being intricate or complicated, often referring to systems with multiple interdependent parts.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Allocative Efficiency

A state of the economy where resources are distributed according to consumer preferences in a way that maximizes overall welfare.