Assignment 1 Economics for Everybody Submit only one assignment per group and put both group members' names on the assignment. Directions: Use economic concepts from week 1 and 2 lectures, readings and multimedia to answer the following questions. Limit 3 pages, 12 point font Times or Calibri, any line spacing you want. 1. Pick your favorite social media platform. Discuss the costs and benefits of this platform. Make sure to include the concepts of price of the platform, scarcity, tradeoff, opportunity cost. Include material from the readings and multimedia. 2. Find a newspaper article or real world example that deals with incentives. a. Summarize the article or example and explain how the incentive worksi.e. changes costs? Changes benefits? Opportunity cost? Tradeoff? b. How is the incentive expected to affect behavior? Is there any evidence that it works? c. Compare the incentive you found to the incentives in both the week 1 lentils video and the week 1 incentives in food article. How is your incentive the same or different compared to each of those videos? d. Are there any unintended consequences of the incentive you found? Think carefully about this. There are very often unintended consequences. Explain.