In rose beds, money blooms On Valentines Day 2018, Americans bought 257 million roses at about double
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In rose beds, money blooms On Valentine’s Day 2018, Americans bought 257 million roses at about double the normal price. On a normal day, 3 million roses are sold.
Does the information about the market for roses enable us to estimate an elasticity, and if so, which one: the price elasticity of demand, the price elasticity of supply, an income elasticity, or a cross elasticity? Explain your answer.
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