End of Chapter 6.8 Acc On most days, the price of a rose is $1, and 8,000 roses are purchased. On Valentine's Day, the price of a rose jumps to $2, and 30,000 roses are purchased The effect of Valentine's Day is to change the market demand for roses. In particular, the demand curve shifts to the right Based on this information, we do not know much about the price elasticity of demand for roses because the demand curve was not constant. However, we do have constant supply. The price elasticity of supply is 1.74. (Enter your response rounded to two decimal places.)

End of Chapter 6.8 Acc On most days, the price of a rose is $1, and 8,000 roses are purchased. On Valentine's Day, the price of a rose jumps to $2, and 30,000 roses are purchased The effect of Valentine's Day is to change the market demand for roses. In particular, the demand curve shifts to the right Based on this information, we do not know much about the price elasticity of demand for roses because the demand curve was not constant. However, we do have constant supply. The price elasticity of supply is 1.74. (Enter your response rounded to two decimal places.)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 8E

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