Question
In: Economics
On Valentine’s Day, the price of roses increases by more than the price of greeting cards....
On Valentine’s Day, the price of roses increases by more than the price of greeting cards. Why? (Hint: Consider what makes roses and cards different and how that difference might affect supply’s responsiveness to price.)
please help and explain and do good 150-200 words
Solutions
Expert Solution
On Valentines day the price of than roses increase more than the price of the greeting card is mainly because of two reasons.
first, increase it the demand of the goods in the market will shift the demand curve to the right and the new equilibrium will be at a higher price and higher output. This will increase the price of the roses and the greeting card in the same proportion but the price of the roses increase more than the price of the greeting card because of the limited supply, an increase in the demand can be fulfilled by the increase in the supply and that will not increase the price of the goods, if the supply is limited and can't be changed quickly it will increase the price of the goods to a much higher level.
roses are limited in stock and can't be stocked for more than a certain days in the market unlike the greeting cards. this makes them supply inelastic in the short run markets. So, when the demand increase and the supply cannot be increased immediately the price of the goods shoot up more than cards price.
Rahul Sunny answered 2 hours agoRelated Solutions
How will Valentine’s Day or Mother’s Day impact price and quantity of roses in Flower Land?...
How will Valentine’s Day or Mother’s Day impact price and
quantity of roses in Flower Land? Briefly explain. Draw a diagram
that illustrates this effect (hint: what will be effected: supply
or demand? In what way?). On the graph, you can depict original
supply and demand and equilibrium (from question 2), carefully
labeling the axes, intercepts, and curves.
5. A local florist claims that 85% of all flowers sold for Valentine’s Day are roses....
5. A local florist claims that 85% of all flowers sold for
Valentine’s Day are roses. Consider a simple random sample of 150
orders for Valentine’s Day flowers.
(a) (3 points) What’s the probability that the proportion of
roses in this sample is more than 90%? Round your answer to four
(4) decimal places.
(b) (3 points) What’s the probability that the proportion of
roses in this sample is at most 78%? Round your answer to four (4)
decimal places....
If the price level in Japan increases more rapidly than the price level in Britain, we...
If the price level in Japan increases more rapidly than the
price level in Britain, we would expect
Select one:
Japanese productivity to have increased more rapidly than
British productivity.
the British pound to depreciate against the Japanese yen.
the Japanese yen to depreciate against the British pound.
interest rates in Japan to be lower than interest rates in
Britain.
In the week before Valentine’s Day there is an increase in the supply of flowers in...
In the week before Valentine’s Day there is an increase in the
supply of flowers in the supermarkets and there is an increase in
the demand for flowers. We can expect the price of flowers to ___
and the quantity of flowers sold to ___.
Country A can produce different combinations of pie and cake
with their resources, as indicated in the table.
Pie
Cake
0
90
10
80
20
60
30
35
40
0
If Country A is currently...
Suppose roses are not Giffen Goods. Choose all the TRUE options. a.If the price of roses...
Suppose roses are not Giffen Goods.
Choose all the TRUE options.
a.If the price of roses rises, consumers will end up on a lower
indifference curve between roses and other things.
b. Consumers may buy more roses, even if their prices rise.
c. If the price of roses rises, the opportunity cost of other
goods decreases.
d. If the price of of roses rise, the consumers preferences will
shift away from roses and toward other things i.e. it will change...
During the month of February Hallmark announced that there is a shortage for romantic greeting cards...
During the month of February Hallmark announced that
there is a shortage for romantic greeting cards due to a delivery
problem. Draw and the graph and explain which curve shift first
and, then what cause the second curve to shift. Final what happens
to price and quantity at the nee equilibrium point?
The stationery and greeting cards department was given the following data to use in developing a...
The stationery and greeting cards department was given the
following data to use in developing a merchandise plan for the
spring-summer season:
Planned sales for the
season $90,000
February 1
inventory
31,320
July 31
inventory
36,000
Season markdown
percent 5.43%
% of
Season’s BOM
Stock
Sales %
of Season’s
Month Sales Ratio Markdowns
February 12% 2.9 6.6%
March 14% 2.7
4.5%
April 20% 2.2
4.7%
May 21% 2.1
4.9%
June 19% 2.2
5.2%
July 14% 2.7
7.5%
Calculate:
Monthly planned sales
BOM stocks
Monthly and total season planned dollar markdowns
Monthly and total season planned purchases at retail
The stationery and greeting cards department was given the following data to use in developing a...
The stationery and greeting cards department was given the
following data to use in developing a merchandise plan for the
spring-summer season:
Planned sales for the
season $90,000
February 1
inventory
31,320
July 31
inventory
36,000
Season markdown
percent 5.43%
% of
Season’s BOM
Stock
Sales %
of Season’s
Month Sales Ratio Markdowns
February 12% 2.9 6.6%
March 14% 2.7
4.5%
April 20% 2.2
4.7%
May 21% 2.1
4.9%
June 19% 2.2
5.2%
July 14% 2.7
7.5%
Calculate:
Monthly planned sales
BOM stocks
Monthly and total season planned dollar markdowns
Monthly and total season planned purchases at retail
Problem 7.6A. Unmatched Elegance Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to...
Problem 7.6A. Unmatched Elegance Gift
Shop sells cards, supplies, and various holiday greeting cards.
Sales to retail customers are subject to an 8 percent sales tax.
The firm sells it merchandise for cash; to customers using bank
credit cards, such as MasterCard and VISA; and to customers using
American Express. The bank credit cards charge a 2 percent fee.
American Express charges a 3 percent fee. Unmatched Elegance Gift
Shop also grants trade discounts to certain wholesale customers who
place...
hypothesis: roses watered with liquid vitamin B grow faster than roses fed with water alone? dependent...
hypothesis: roses watered with liquid vitamin B grow faster than
roses fed with water alone?
dependent variable :
independent variable :
name several control variables :
what would be a positive control: why?
what would be a negative control: why?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are working as the software developer and need to identify the best sorting algorithm. You...
- Evaluating Source One of the responsibilities often associated with management is the gathering of career-specific information...
- MALAY CIVILIZATION, BEFORE AND AFTER INDEPENDENCE IN MALAYSIA
- What are your feelings about ethical investing and purchasing policies at both a personal and commercial...
- Java Write a JavaFX application that displays a button and a number. Every time the button...
- Steve Jobs was a flighty pioneer. His organization conduct wasn't the standard of school reading material...
- Find vectors of the Frenet frame of the curve at any point of the curve: x...
ADVERTISEMENT