Suppose we have the following market supply and demand schedules forbicycles: a. Plot the supply curve and the demand curve for bicyclesb. What is the equilibrium price of bicycles?c. What is the...

Suppose we have the following market supply and demand schedules for
bicycles:

a. Plot the supply curve and the demand curve for bicycles
b. What is the equilibrium price of bicycles?
c. What is the equilibrium quantity of bicycles?
d. If the price of bicycles were €100, is there a surplus or a shortage? How many units of
surplus or shortage are there? Will this cause the price to rise or fall ?

Extracted text: Price Quantity Demanded Quantity Supplied € 100 70 30 200 60 40 300 50 50 400 40 60 500 30 70 600 20 80