You can plot directly using the plot command
plot (log2(x), y)
but then your x ticks will be the logarithm rather than the actual value. You could either just change your label
xlabel('Log (base 2) of quantity X');
or you can redo the ticks manually.
xt = get(gca, 'XTick');
set (gca, 'XTickLabel', 2.^xt);
Or you can be really fancy
xticks = 10:25;
set(gca, 'XTick', xticks);
for j = 1:length(xticks)
xtl{j} = ['2^' num2str(xticks(j))];
end
set(gca, 'XTickLabel', xtl)
which will evenly space the tick marks on the log scale, and label them according to their power of 2