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3. (a) (i) Explain the following terms in relation to a factor of production: . Supply Price; . Transfer Earnings. (ii) Explain the concept Economic Rent and outline two circumstances under which a factor of production can earn it. (25) (b) (i) State and explain the economic reasons why entrepreneurship is important to the development of the Irish economy. (ii) State and explain three means by which the Irish Government could encourage entrepreneurship in Ireland. (30) (c) *There are 200,000 small firms in Ireland employing 655,000 people*- (Small Firms Association, December 2011) Discuss the reasons why small firms survive in the Irish economy. (20)4. (a) With the aid of two clearly labelled diagrams, explain the relationship between: (i) the short run average cost curve and long run average cost curve. (ii) the short run average cost curve and marginal cost curve. (25) (b) Discuss the economic factors which should be considered by a firm when deciding where to locate its operations. (25) (c) Ocean Blue Lid produces two boats weekly and incurs the following weekly costs: Rent: (1,200 Raw materials: (2,000 . Labour: (1,600 . Normal profit: 61,000 What is the minimum price at which each boat can be sold if production is to continue: (i) in the short run? (ii) in the long run? Explain your answers in each case. (25)5. (@) The following table shows the world population and the projection for 2012, according to the United States Census Bureau (USCB) estimates: Population in Billions 2 3 5 6 7 Year 1804 1927 1960 1974 1987 1999 2012 Years elapsed 123 33 14 13 12 13 (i) Suggest two reasons for the rapid growth in world population in recent times. (ii) Discuss the economic effects of an increasing population on the Irish economy. (30) (b) (i) State and explain the benefits of economic growth for developing countries (LDCs). (ii) Discuss one advantage and one disadvantage for the Irish economy of increased growth rates in developing countries (LDCs). (25) (c) The classical economist, Thomas Malthus, in his work An Essay on the Principle of Population (1798) created a theory on population. (i) Explain Malthus's theory on population. (ii) Is Malthus's theory on population relevant today? Explain your answer. (20)