Make a Rough Sketch of the Graph of Y = $3$

question 24

Essay

Make a rough sketch of the graph of y = 2 + log $3$ (x + 1). Do not use a calculator. Instead, start with the graph of a simple function and apply any needed transformations.

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Definitions:

Opportunity Cost

Missing the chance to profit from several alternative options by deciding on one.

Hourly Wage Rate

The amount of money paid for each hour of work, commonly used to compensate employees in many occupations.

Marginal Utility

The augmented enjoyment or usefulness that comes from the consumption of an additional unit of a product or service.

Optimal Labor Supply

The amount of labor hours that maximizes an individual's or firm's net benefits or utility.