Are the statements true or false and kindly explain why completely.: (1) An increase in the price of pencils will likely increase your expenditures on purchasing pencils if your demand for pencils is ELASTIC. (2) most days the price of a rose in Dangwa is PhP 50 and 80 roses are purchased. On Valentine's Day, the demand increases so that even if the price of a rose rises to PhP 100, 320 roses are purchased. We can say that on Valentine's Day, the demand for roses is INELASTIC