Suppose that on Valentine's Day, the demand for both roses and greeting cards increases by the same percentage amount. However, the price of roses increases by more than the price of greeting cards. Based on this information, you can conclude that the supply of Valentine's cards is sensitive to price than the supply of roses?

Yes , Valentine cards are more price sensitive.

Explanation:

When Demand exceeds supply, prices rise. As a result of the increase in price, supply increases.

The increase in supply is in line with the law of supply which says, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

If there's an increase in the demand for roses and cards, it is expected that prices would rise. However, if supply for these items increases, prices would fall and if supply doesn't increase, price would not decrease.

So if the price of roses increases by more than the price of greeting cards it indicates that the supply of rose didn't increase as much as the increase in supply of cards.

This means that the supply of roses is less price sensitive when compared to greeting cards.

there are so many examples for that in different areas, like biology experiment carried out in our lab recently.

here's one link :

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