1) (i) Explain what is meant by price elasticity of demand and provide at least one example to support your explanation. [15 marks] (ii) Describe why the demand for some goods is price inelastic. [15 marks] 2) A small London-based health and beauty business is able to produce 9,000 units of beauty products annually. According
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3) Imagine the fictitious island of Xanadu has an economy that can produce only carrots and potatoes.