Part '5 - Application This is the most important part of the assignment. Here you will come up with two examples of your topic that you have encountered in your life, and an additional example from current events. For example, if your topic is externalities, you might mention (as I would) that your neighbor provides a positive externality to you with the addition of a beautiful sounding fountain in their backyard. Make sure you explain the relevance of your example to the topic. In other words, the fountain provides excess benefits that my neighbor does not incorporate in his analysis of whether to install it or not. The excess benefits are the positive externality in the form of beautiful running water sounds that mask the sound of the freeway. If he thought about the externality provided, he would install one in my yard as well! Lastly, provide an example from the real worldfcurrent events. For this part I ask that you find a newspaper, magazine, etc. article (online is fine of course, as long as it is from a reputable source such as the LA Times or The Economist, and not The Onion) or some data on your topic. Explain how it is relevant to your topic, and cite as part of your