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

When government imposes price ceilings and floors in markets,

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

Suppose that supply is more elastic than demand. Which of the following can you conclude?

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?

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

Chad is willing to pay $4.00 to get his first cup of morning coffee. He buys a cup from a vendor selling coffee and gets $1.75 of consumer surplus. Chad paid ______ for the cup of coffee. 

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.

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)