2 Carmel makes fashion jewellery, which she sells at a local market. Most of her items have a short product life cycle so she is always looking for new ideas for her jewellery ltems. The market is very competitive and the demand for her products is price elastic. She prices all of her products by adding a 50% mark-up on cost. Carmel is considering setting up her own website. a What is meant by 'pice elastic'? b ldentify two stages of a product's life cycle. c ldentiy and explain one tbenefit and one limitation 4 to Carmel of seling her jewellery at the local market. d ldentify and explain one advantage and one disadvantage to Carmel of having her own wabsite. e Do you think it is a good idea for Carmel to price her products by adding a 50% mark-up on cost? Justify your answer.