1. Suggest how an economist would approach the problem of alcohol abuse. Provide two (2)
possible solutions to this problem. Include the four (4) elements of the economic way of thinking
in your analysis.
2. Analyze how prescription drugs affect the demand and supply of other products and services in
this country.
3. Formulate a reason why the elasticity of demand is an important consideration when analyzing
the impact of a shift in supply and why the elasticity of supply is an important consideration when
analyzing the impact of a shift in demand. Include at least one (1) example in each scenario.
4. Provide two (2) examples of increasing-cost industries in your state and propose why they would
have a positively sloped supply curve.
5. Suggest how, under certain conditions, a perfectly competitive market is economically efficient.
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