"Fifty percent of cut roses sold in February are sold on Valentine's Day. On Valentine's Day in a recent year, the price of a dozen roses jumped from $8.00 to $19.99 at one local store in Chicago. Another bestseller on Valentine's Day is candy. About 13 percent of the annual sales of candy take place on Valentine's Day. Yet the price of a box of chocolates increases modestly if at all on this holiday." Can you explain why this happens?

(Hints: What happens to the demand curve for chocolate and the demand curve for roses on Valentine's Day? What would have to be true about the elasticity of the supply curve for roses relative to the elasticity of the supply curve for the chocolate to create the price changes mentioned in the case study? Draw the appropriate demand shifts and supply curves. Note: you need to have one picture for the market for roses and another for the market for chocolate.)