1. (a)Describe the factors that determine the supply and demand of a good in a market.

1. (b) How useful is the supply and demand model for policy purposes. Give examples in youranswer.

1. (c) Using supply and demand diagrams, show the effects of the following events on the market for newhousing inIreland

1. A first time buyer'sgrant
2. A policy giving favourable treatment of developers'profits
3. An increase in the general level of rent paid bytenants
4. A policy ensuring an adequate pool of development land is available