1. Consider the following information about the demand and supply of bicycles in Glen Burnie, MD: If a price ceiling of $300 is imposed on this market... Price $200 $300 $400 $500 $600 $700 Quantity of Quantity of bicycles bicycles demanded supplied (thousands) (thousands) 160 0 120 80 40 0 0 40 80 120 160 200 a. What will the shortage of bicycles be? b. What will the change in total consumer surplus be? c. What will the deadweight loss in this market be? d. What will the value of time lost be from waiting in line for bicycles? 2. Use the data in the table in question 1 to: a. Calculate the price elasticity of demand for bicycles if the price rises from $400 to $500. Use the midpoint formula. b. Is the demand for bicycles elastic or inelastic? Explain. c. Calculate the price elasticity of supply for bicycles if the price falls from $400 to $300. Use the midpoint formula. d. Is the supply of bicycles elastic or inelastic? Explain.