Potential function binary heap extract max O(1) I need help figuring the potential function for a max heap so that extract max is completed in $O(1)$ amortised time. I should add that I do not have a good understanding of the potential method. 

I know that the insert function should "pay" more in order to reduce the cost of the extraction, and this has to be in regards to the height of the heap (if $ \lfloor \log(n) \rfloor $ gives the height of the heap should the insert be $2\log(n)$ or $ \sum_{k=1}^n 2\log(k) $)
Try the following:

The weight $w_i$ of an element $i$ in the heap $H$ is its depth in the corresponding binary tree. So the element in the root has weight zero, its two children have weight 1 and so on. The you define as potential function

$$\Phi(H)=\sum_{i\in H}2  w_i.$$

Let us now analyze the heap operations. For insert you add a new element add depth $d$ at most $\log(n)$. This increases the potential by $2d$, and can be done in $O(1)$ time. Then you "bubble up" the new heap element to assure the heap-property. This takes $O(\log n)$ time and leaves $\Phi(H)$ unchanged. Thus the costs for insert are $O(\log(n)+\Delta(\Phi(H)))=O(\log n)$.

Now consider the extractMin. You take out the root and replace it by the last element in the heap. This decreases the potential by $2\log(n)$, thus you can afford to repair the heap property, and therefore the amortized costs are now $O(1)$.

If you have a general question for the potential function you should pose this as a different question.