Final answer:
The Nernst Equation is used to determine changes in reversible potential under non-standard conditions and accurately determine equilibrium constants.
Step-by-step explanation:
The Nernst Equation is used to determine changes in reversible potential when operating at standard conditions. It enables the determination of cell potential under non-standard conditions by relating the measured cell potential to the reaction quotient. Additionally, it allows for the accurate determination of equilibrium constants such as solubility constants.