ECON 1003

Problem Paper # 4
Exponential and Logarithmic Functions
1. The demand equation for a certain product is given by p = 500 − 0.5e 0.004 x .
Find the price p for a demand of (a) x = 1000 units and (b) x = 1500 units.

2. The population of a town increases according to the model P(t ) = 2500e 0.0293t , where t is time in
years, with t = 0 corresponding to 2000. Use the model to approximate the population in (a) 2005 (b)
2010 and (c) 2050.

In Exercises 3-10, evaluate/simplify the given expression with using a calculator.

3. log 2 16 4. log 7 ( 491 ) 5. log 0.001 6. ln(1e ) 7. log16 4 8. log 27 9 9. 2 log2 5

10. e 2 ln 5

In Exercises 11-14, use the properties of logarithms to combine each expression into a single term.

11. 2 log x − 3 log y 12. log 2 + log x − 12 log( x + 1)

13. 12 ln( x + 1) + ln 3 − 3 ln( x + 2) 14. 12 log(5x + 3) − 2[log( x + 1) + log(3x − 2)]

In Exercises 15-18, use the properties of logarithms to write the expression as a sum, difference, or
multiple of logarithms.

3
⎛ xy ⎞ ⎛ x 2 − 1 ⎞
15. log 2 ⎜ ⎟ 16. ln x x − 1 17. log⎜⎜ 3 ⎟⎟ 18. ln x 3 ( x + 2)
⎝ z ⎠ ⎝ x ⎠

In Exercises 19-27, solve for x, and check your answers

x +1
19. 7 x = ( 491 ) 20. log x = −1 21. 2 log x = log 2 + log( x + 4)

22. log 3 x + log 3 ( x + 8) = 2

23. log( x − 1) − log( x + 6) = log( x − 2) − log( x + 3)

24. 4 x = 3 25. 2e x = 7 26. 3 2 x +1 = 5 27. 4e 5 x − 1 = 27

28. Compute the following correct to 3 decimal places. (i) log 7 61 (ii) log 5 120 (iii) log 6 50