
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text: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.)
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