More roses are supplied on Valentine’s Day than on any other day of the year. If...
More roses are supplied on Valentine’s Day than on any other day of the year. If florists increase their supply of roses on Valentine’s day, why might higher prices convince florists to increase the number of roses they offer for sale? Give a specific example of a hypothetical cost increase faced by florists as they offer more roses for sale.
Homework Answers
On Valentines Day the demand for roses will increase significantly. This situation will cause florists to increase to prices to generate higher revenues. Since this day is an important occasion for couples, they would not mind paying a higher price for the roses. This is the behavioural economics which the florists would want to tap into generate higher revenues.
As they offer more roses for sale, the operation costs of the florist increases as well. More wrapping paper is needed, they may have to employ ab extra worker to curtail to the excess rush in the shops. Thus we can see that costs can increase when more roses are sold.
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