1. (a) No of Units Consumed 2 3 4 5 Total Utility in Units/Utils 20 45 60 70 75 Marginal Utility in Units/Utils 20 25 15 10 5 (1) State and explain the law illustrated in the above table. (ii) Outline two assumptions underlying this law. (b) (i) State the 'Law of Supply', and illustrate with a labelled diagram. (ii) Explain how technical progress affects the supply curve. (iii) Outline, with the aid of labelled diagrams, two other factors that would cause a shift in the supply curve. (30) (c) Macklemore announces a concert in Ireland at a venue with a maximum capacity of 80,000 people. The tickets are priced at (65 and the concert sells out in hours. (i) Draw one labelled diagram, showing a market demand curve and a market supply curve that would be consistent with the above information. Explain your answer. (ii) Explain, using the concept of Consumer Surplus, why it might make sense for the concert promoters to have different ticket prices (e.g. VIP section, seating section and standing section) for this concert. 2. (a) (i) State and explain three assumptions underlying the theory of imperfect competition. (ii) Explain why a firm's demand curve under imperfect competition differs from a firm's demand curve under perfect competition. (b) (i) Explain, with the aid of a diagram, the long run equilibrium of a firm in imperfect competition. (ii) With reference to your diagram in (b) (i) explain why the firm is not making socially efficient use of scarce resources. ) "A few large retailers (e.g. Tesco, Super Valu, Dunnes Stores, Aldi, Lidl) dominate the Irish grocery market at present." Suggest a market structure which most closely reflects this situation. Explain your answer.1. Define the term 'opportunity cost'. State one example of an opportunity cost facing the Irish Government. Definition: Example: (16 marks) 2. If the marginal cost (MC) is less than average cost (AC), then AC must be falling when output increases. (i) Is this statement true? Circle the correct answer. YES / NO (ii) Explain the reason for your answer: (16 marks) Define the term 'structural unemployment' and outline one policy response that the Irish Government could take to reduce it. Definition: Government Policy