For a $\text{Mg} | \text{Mg}^{2+}(\text{aq}) || \text{Ag}^{+}(\text{aq}) | \text{Ag}$ the correct Nernst Equation is:
$E_{\text{cell}} = E^{\circ}_{\text{cell}} - \frac{RT}{2F} \ln \frac{[\text{Ag}^{+}]^2}{[\text{Mg}^{2+}]}$
$E_{\text{cell}} = E^{\circ}_{\text{cell}} - \frac{RT}{2F} \ln \frac{[\text{Ag}^{+}]}{[\text{Mg}^{2+}]}$
$E_{\text{cell}} = E^{\circ}_{\text{cell}} - \frac{RT}{2F} \ln \frac{[\text{Mg}^{2+}]}{[\text{Ag}^{+}]}$
$E_{\text{cell}} = E^{\circ}_{\text{cell}} + \frac{RT}{2F} \ln \frac{[\text{Ag}^{+}]^2}{[\text{Mg}^{2+}]}$