Assignment 1: Principles of Economics Due Week 4 and worth 200 points Write a three to four (3-4) page paper in which you: 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. 6. Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements:  Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.  Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are:  Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions.  Analyze the dynamics of supply and demand to anticipate market equilibrium.  Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.  Describe the impact of various forms of competition on business operations with emphasis on perfect competition.  Use technology and information resources to research issues in principles of economics.  Write clearly and concisely about principles of economics using proper writing mechanics Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.