Evaluate Log_1/3(3.6). Round to Four Decimal Places

question 24

Multiple Choice

Evaluate log_1/3(3.6) . Round to four decimal places.

• A) -0.5064
• B) -1.1660
• C) 1.2809
• D) -0.858

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Definitions:

Producer Surplus

The difference between the amount producers receive from selling a good or service and the minimum amount they would accept for that good or service.

Price Floor

A price floor is a government- or authority-set minimum price below which a particular good or service cannot legally be sold, aiming to prevent prices from falling too low.

Widgets

A generic term commonly used to refer to an unspecified, fictional product used in examples and economic theory.

Price Floor

A minimum price set by the government for certain goods and services that cannot legally be lowered, often above the equilibrium price.