QUESTION ONE [45] Read the extract below and answer the questions that follow: South African fashion retailer TFG buoyed by strong demand South African fashion retailer TFG reported a 21.6% rise in half-year turnover on Wednesday, as affluent customers snapped up dresses and shoes. Higher-income consumers have largely shrugged off the impact of inflation to spend on discretionary goods including apparel and bags, buoyed by their savings during the lockdowns. The company also tapped into its growing localised, quick response clothing supply chain and sourcing model to shield the business from international supply chain disruptions. Source: https://ww.fashionnetwork.com/news/South-african-fashion-retailer-tfg-buoyed-by-strong-demand,1436722.html Questions: 1.1. With the aid of demand and supply analysis, explain the impact of increased demand on prices. (15) 1.2. Taking into consideration the importance and relevance of income elasticity, explain the type of income elasticity most applicable to the given scenario. (10) 1.3. Taking into consideration the characteristics of the fashion retail industry, identify and analyse the type of market structure. Comment on the efficiency and profitability of firms operating in such a market. (