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)

Math Question: In a triangle ABC, if angle A is congruent to angle B and side AC is congruent to side BC, what conclusion can we draw about triangle ABC?

What is the real part of the complex number (2 + 3i)^2?

Question: Find the limit as x approaches 2 of (x^2 - 4) / (cos(pi*x/2) - 1).

New questions in Mathematics

2+2

What is the coefficient of elasticity of the material that must be placed on the heel of the 10 cm high clog, with a base area of 2 cm² so that it deforms only 2 cm when the force on it will be a maximum of 600 N.

How do you think the company has increased or decreased its income?

solve the following trigo equation for 0°<= x <= 360°. sec x =-2

Estimate the fifth term if the first term is 8 and the common ratio is -1/2

How many different ways can a psychology student select 5 subjects from a pool of 20 subjects and assign each one to a different experiment?

(-5/6)-(-5/4)

In a store, a person carries 14 kilos of rice and 28 kilos of flour. In what ratio are the kilos found? (Remember to simplify until you reach an irreducible fraction)

A construction company is working on two projects: house construction and building construction. Each house requires 4 weeks of work and produces a profit of $50,000. Each building requires 8 weeks of work and produces a profit of $100,000. The company has a total of 24 work weeks available. Furthermore, it is known that at least 2 houses and at least 1 building must be built to meet the demand. The company wants to maximize its profits and needs to determine how many houses and buildings it should build to meet demand and maximize profits, given time and demand constraints.