The market for bicycles in rural Indiana is de areas. As a result, the demand for bicycles shifts to the right by 125 bicycles at every price. Market for Bicycles Price (dollars) $200 225 250 275 300 325 350 P= $ Initial Quantity of Quantity of Bicycles Demanded 900 P= $ QE 850 800 750 700 650 600 Instructions: Enter your answers as a whole number. a. What are the initial equilibrium price and quantity in the bicycle market? bicycles Bicycles Supplied 525 600 675 750 825 900 975 bicycles New Quantity of Bicycles Demanded 1,025 975 925 875 825 b. What are the new equilibrium price and quantity in the market? 775 725 c. Because of the increased number of bicycle lanes in rural Indiana, the equilibrium price of bicycles. quantity of bicycles. O increases by $25, decreases by 75 bicycles O increases by $25, increases by 75 bicycles decreases by $25, Increases by 75 bicycles decreases by $25, decreases by 75 bicycles and the equilibrium

The market for bicycles in rural Indiana is de areas. As a result, the demand for bicycles shifts to the right by 125 bicycles at every price. Market for Bicycles Price (dollars) $200 225 250 275 300 325 350 P= $ Initial Quantity of Quantity of Bicycles Demanded 900 P= $ QE 850 800 750 700 650 600 Instructions: Enter your answers as a whole number. a. What are the initial equilibrium price and quantity in the bicycle market? bicycles Bicycles Supplied 525 600 675 750 825 900 975 bicycles New Quantity of Bicycles Demanded 1,025 975 925 875 825 b. What are the new equilibrium price and quantity in the market? 775 725 c. Because of the increased number of bicycle lanes in rural Indiana, the equilibrium price of bicycles. quantity of bicycles. O increases by $25, decreases by 75 bicycles O increases by $25, increases by 75 bicycles decreases by $25, Increases by 75 bicycles decreases by $25, decreases by 75 bicycles and the equilibrium

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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