The Nernst equation describes how cell potential (Ecell) depends on concentration. Ecell is equal to the standard cell potential (E°cell) minus a term involving the logarithm of the reaction quotient (Q), which accounts for changes in concentration. The document derives the Nernst equation and shows several examples of how to calculate Ecell based on concentrations. It also discusses how concentration cells and pH meters utilize these principles to measure concentrations electrochemically.