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?

A proton having a speed of 3.0 × 10^6 m/s in a direction perpendicular to a uniform magnetic field moves in a circle of radius 0.20 m within the field.  What is the magnitude of the magnetic field? (e = 1.60 × 10^-19 C, mproton = 1.67 × 10^-27 kg)

Consider the following market. How would the market be affected if the government imposed a price ceiling of $7?

Consider the following picture of a demand curve. How much does consumer surplus change by when the price rises from P1 to P2? 

In the lecture, we discussed why the Benevolent Social Planner would choose not to allocate a portion of the good to some potential buyers even though they place a positive value on the good. Why would the Benevolent Social Planner choose to allocate none to these consumers?