1 (10 marks) As mentioned in the article, South Africa "houses Woolworths' upmarket grocery, fashion, beauty and home businesses". Explain how Woolworths would fit into the circular flow model of income and spending. Question 2 (10 marks) Substantiate the type of price elasticity of demand that would be most applicable to products offered by Woolworths and discuss its importance to Woolworths' pricing managers. Question 3 (10 marks) Taking the article into consideration, speculate and discuss the factors that may have an impact on the supply of products offered by Woolworths