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9. Outline two possible social costs and two possible social benefits of an investment by 'EirGrid' in upgrading Ireland's electricity network by erecting high-voltage power lines (pylons).{a} (b) {s} ----n ----n ----n (i) State and explain the law illustrated in the above table. {ii} Outline two assumptions underlying this law- [25} (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} Macklemore announces a concert in Ireland at a venue with a maximum capacity of' BtlJIl people. The tickets are priced at E65 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. 8. (a) Explain the relationship between a government Budget Deficit and the National Debt. (20) (b) "The Irish Tax system has evolved over time to reflect changing economic and social conditions and will need to be equally responsive to new developments in the future." (Commission on Taxation Report, 2009) (i) Discuss Adam Smiths' four Canons of Taxation in his book, An Inquiry into the Nature and Causes of the Wealth of Nations (1776). (ii) Outline two other principles which could be considered in a modern tax system. Justify your answers. (35) (c) Outline possible economic consequences of the Irish Government shifting the burden of taxation from direct taxation to indirect taxation.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. (c) "A few large retailers (e.g. Tesco, SuperValu, Dunnes Stores, Aldi, Lidl) dominate the Irish grocery market at present." Suggest a market structure which most closely reflects this situation. Explain your answer.4. (a) Explain, with the aid of an example, each of the following terms: . Derived Demand Transfer Earnings . . . Supply Price Economic Rent. (20) (b) (i) Outline two economic characteristics of 'land". (1i) Discuss three economic factors which influence a firm's decision on where to locate its operations within Ireland. (25) (c) (i) State and explain three factors that caused the price of residential property to fall considerably in Ireland in the years following 2007. (ii) Mortgage arrears (i.e. the inability to meet mortgage loan obligations) is the biggest single personal debt issue for many households. Discuss one possible economic impact of mortgage arrears on each of following: the household . . . the banking sector the Irish Government