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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.