How does increasing the bit depth affect the quality of an image?

How many colors can be represented with a bit depth of 5 in an image?

What is the bit depth needed to represent 16 colors in an image?

How many colors can be represented with a bit depth of 7 in an image?

How does increasing the bit depth affect the file size of an image?

How many colors can be represented with a bit depth of 6 in an image?

What is the bit depth needed to represent 256 colors in an image?

How many colors can be represented with a bit depth of 3 in an image?

What is the standard bit depth per channel for most digital cameras?