Consider the gasoline market. If the price of crude oil, an input in the production of gasoline, falls, what effect will this have on consumer surplus in the gasoline market? (Hint: Draw the demand and supply curves, identify CS and PS, shift the appropriate curve, and then see which answer is correct).

A tax on buyers would have the exact same impact on a market as if you placed the tax on sellers.

The only four consumers in a market have the following willingness to pay for a good: Buyer                          willingness to pay Carlos                               $25 Quilana                             $35 Wilbur                               $15 Ming-la                              $45 If the price is 30, then consumer surplus in the market is

The minimum wage is an example of

Willingness to pay is the minimum amount a buyer will pay for a good, and it measures how much the buyer values the good.

A flat rectangular loop of wire is placed between the poles of a magnet. It has dimensions w = 0.60 m and L = 1.0 m, and carries a current I = 2.0 A. The magnetic field due to the magnet is uniform and of magnitude 0.80 T. The loop rotates in the magnetic field and at one point the plane of the loop makes a 30° angle with the field. At that instant, what is the magnitude of the torque acting on the wire due to the magnetic field?

Two point charges are on the x-axis.  Charge q1 = 5.00 uC is at the origin and q2 = -3.00 uC is at x = 0.350 m.  a)  Find the magnitude of the electric field at a distance of 0.450 m directly above q2.

A 3.00 uC point charge is released from rest 0.450 m away from a 5.00 uC point charge.  If the 3.00 uC point charge has a mass of 0.002 kg,  what is its initial acceleration? Ignore gravity.

Based on the tax imposed in this picture, what is the deadweight loss created by the tax?

At Nick’s Bakery, the cost to make homemade chocolate cake is $4 per cake. As a result of selling a cake, Nick gets $10 of producer surplus. How much is Nick selling cakes for?