I was reading this explanation on how to calculate the entropy of a password. The article is great and it explains it very succinctly that even I understood it.
According to the site, if you have a password that has only lower-case characters, you will have a pool of 26 possible characters from the English alphabet. Paraphrasing it further:
Entropy is calculated by using the formula $\log_2 x$, where $x$ is the pool of characters used in the password. So a password using lowercase characters would be represented as $\log_2 26 \approx 4.7$ bits of entropy per character.
If I remember correctly, this logarithmic expression can be algebraically expressed as $2^x=26$: $x$ being the ‘4.7 bits of entropy per character’. Why? What is the property that makes the value to which the base is powered to be the entropy of a character?