Use the Definition of a Logarithm to Prove

question 180

Essay

Use the definition of a logarithm to prove . Hint: Let and . Then, and .

---

Definitions:

World Price

The international market price of a good or service, influenced by global supply and demand.

Import

Bringing in merchandise or services from overseas with the intent to sell them within a country.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on by choosing one option over another.

Trade

The exchange of goods, services, or both between individuals, businesses, or countries.