a. Market for Flowers (Roses): Valentine's Day will definitely have an impact on the market for flowers. Suppose there is also severe frosty weather that affects growing flowers in days leading to Valentine's Day. Due to these events, what happens to the (1) demand for flowers, and (2) supply of flowers, and how will the (3) equilibrium price and (4) equilibrium quantity of flowers change?

b. Market for Ice Cream: Suppose we are in summer and firms that produce ice cream can get sugar, an input in ice cream, at lower price than before. Due to these events, what happens to the (1) demand for ice cream, and (2) supply of ice cream, and how will the (3) equilibrium price and (4) equilibrium quantity of ice cream change?

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a Market for Flowers Roses during Valentines Day with severe frosty weather Demand for flowers The demand for flowers would likely increase due to Val... View the full answer