Solve the Equation by Writing It in Exponential Form

question 69

Short Answer

Solve the equation by writing it in exponential form. Answer in exact form and approximate form using a calculator (round to thousandths).
ln x = 1.587

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Definitions:

Private Goods Consumption

The act of consuming goods that are excludable and rivalrous in nature, meaning they can only be owned or consumed by one party and consumption by one person prevents consumption by another.

Pareto Optimal

A state of allocation of resources from which it is impossible to make any one individual better off without making at least one individual worse off.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all members of a society, such as public parks and national defense.

Private Consumption

The total amount of goods and services consumed by individuals in a household.