Complete each statement below about the demand and supply of bicycles using the dropdown list. In each case, assume everything else remains the same and bicycles are a normal good. You may use the same answer more than once. Consider each scenario described below for the supply of bicycles: • If there was an increase in cost of materials in bicycle production the change in quantity supplied would be modelled as a • If the numbers of bicycle suppliers falls then the change in quantity supplied would be modelled as a leftward shift of the supply curve rightward shift of the supply curve Consi movement along the supply curve emand of bicycles: • If there was a decrease in the price of a substitute the change in quantity demanded would be modelled as a • If the legacy from the London Olympics encourages more people to cycle to work; the change in quantity demanded would be modelled as a

Complete each statement below about the demand and supply of bicycles using the dropdown list. In each case, assume everything else remains the same and bicycles are a normal good. You may use the same answer more than once. Consider each scenario described below for the supply of bicycles: • If there was an increase in cost of materials in bicycle production the change in quantity supplied would be modelled as a • If the numbers of bicycle suppliers falls then the change in quantity supplied would be modelled as a leftward shift of the supply curve rightward shift of the supply curve Consi movement along the supply curve emand of bicycles: • If there was a decrease in the price of a substitute the change in quantity demanded would be modelled as a • If the legacy from the London Olympics encourages more people to cycle to work; the change in quantity demanded would be modelled as a

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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