Is the logarithmic function applicable when modeling business applications? Why or why not?

Name: Solved: Is the logarithmic function applicable when modeling business applications? Why or why not? - MathMaster
Brand: MathMaster
Rating: 4.9 (254 reviews)

254

likes

1268 views

Answer to a math question Is the logarithmic function applicable when modeling business applications? Why or why not?

$Expert avatar$

Esmeralda

4.7

102 Answers

1. \text{Logarithmic functions are used in business to model diminishing returns or growth rates that slow over time.}

a. \text{For example, in marketing, the initial impact of a new campaign might be substantial, but the effect often diminishes as the market becomes saturated.}

2. \text{They are also used to model learning curves, where the rate of learning decreases as cumulative experience increases.}

3. \text{Logarithmic scales can be useful in financial modeling, particularly in the context of investment returns and understanding compounded growth over time.}

4. \text{Ultimately, the applicability hinges on the need to represent phenomena that exhibit quickly increasing or decreasing rates that taper off over time.}

\text{Answer: Yes, the logarithmic function is used to model scenarios such as diminishing returns, learning curves, and certain financial models.}

Frequently asked questions (FAQs)

What is the length of the hypotenuse of a right triangle with sides measuring 5 units and 12 units?

Question: How many different arrangements are possible if 4 people are to be seated in 5 available seats?

What is the value of arcsec(2) in radians?

New questions in Mathematics

A normal random variable x has a mean of 50 and a standard deviation of 10. Would it be unusual to see the value x = 0? Explain your answer.

If you have a bag with 18 white balls and 2 black balls. What is the probability of drawing a white ball? And extracting a black one?

5/8 x 64

Let I ⊂ R be a bounded and nonempty interval. Show that there are numbers a, b ∈ R with a ≤ b and I =[a,b] or I =[a,b) or I =(a,b] or I =(a,b)

Consider numbers from 1 to 2023. We want to delete 3 consecutive, so that the avarage of the left numbers is a whole number. How do we do that

Answer the following questions regarding the expression below. 0.1 (a) Write the number as a fraction.