Kindly assist me with the following questions:

4. (a) A principal factor determining the wages to be paid to a worker is the Marginal Revenue Productivity of Labour (MRP). (i) Explain what is meant by the underlined term. (ii) Discuss the factors, other than MRP, which influence the wage rates paid to different categories of workers. (30 marks) (b) How appropriate is MRP for setting wages in the public sector? Explain your answer. (20 marks) (c) At present, the demand for labour exceeds the supply of labour in certain sectors of the Irish Economy. Discuss the possible economic effects which this situation may have on the Irish economy. (25 marks)5. (a) Define clearly any THREE of the following terms: (i) Invisible Exports; (ii) Tariffs; (iii) Balance of Payments on Current Account; (iv) Balance of Payments on Capital Account. (25 marks) (b) Irish exports have been steadily rising in recent years. Discuss how this development affects each of the following: (i) the level of Irish imports; (ii) the amount of borrowing by the Irish government. (25 marks) (c) Discuss the possible effects on the Irish economy of the EURO declining in value relative to other international currencies. (25 marks)6. (a) For a composite (weighted) price index covering the three types of expenditure given in the following table, calculate the index for the current year. The base year value is 100. Show your workings. Category % of Income Prices of Item(s) Price of Item(s) spent on Item(s) in base year in current year. Food 35 8.50 12.75 Clothing & Footwear 15 37.50 45.00 Other Items 50 20.00 35.00 100 (20 marks) (b) Does the Consumer Price Index (CPI) accurately measure changes in the cost of living in Ireland? Explain your answer. (30 marks) (c) Over the past year the rate of inflation, as measured by the CPI, has fluctuated. Discuss the effects of this development on the Irish economy. (25 marks)