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Specification:

  • Demand & supply, inflation, market structures, elasticities of demand

Click to read the article below and then answer the questions:

China’s ice cream brands outpace inflation with soaring prices

  • Identify the 3 main causes of China’s soaring inflation

  • ‘They (Chicecream) are trying to create a luxury image and pricing accordingly.’ Explain what is meant by an ostentatious good

  • Identify the factors which have enabled China-made goods to contest markets once dominated by foreign firms such as Häagen-Dazs

  • Evaluate whether popular brands such as Chicecream will be able to continue to raise prices without losing customers

Gavin Clarke, Emmanuel College

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