The Nernst equation gives the relation between electrode potential and the concentrations (activities) of the ions involved in the electrode reaction.
For a general half-cell reaction:
\[
M^{n+} + ne^- \;\rightleftharpoons\; M
\]
The Nernst equation is:
\[
E = E^\circ - \frac{0.0591}{n} \log \frac{1}{[M^{n+}]}
\]
or equivalently,
\[
E = E^\circ - \frac{0.0591}{n} \log \frac{[Ox]}{[Red]}
\]
Relation:
- \(E^\circ\) = standard electrode potential (when ion concentration is 1 M).
- \(E\) = electrode potential under given conditions.
Thus, electrode potential depends on concentration, number of electrons transferred, and temperature.
\[
\boxed{E = E^\circ - \frac{0.0591}{n} \log Q}
\]
where \(Q\) = reaction quotient.