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Certainly not Dinky prices

Read the article Dinky toy van fetches 6,400 in furious bidding at auction (you can do this in the window below or follow the previous link to read the article in a separate window) and then consider answers to the questions below.


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You may also like to read the following articles to support your answers to the questions below:


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Question 1

Distinguish between price and income elasticity

Question 2

Explain how sale of Dinky toys at auction is an excellent representation of the supply and demand process in establishing price.

Question 3

Examine the role of branding in the toy market.

Question 4

Auction prices have fallen in the last few years. Discuss the role of the external environment in setting prices across an economy.