b. How large would the shortage or surplus be? Show your math and explain your thinking! (1.5 pts.) For the price of a bike to be $170 and the equilibrium qunaity rate of 40,000 bikes the surplus would be 400,000 C. Because equilbirum quantity 400,000 400,000 Price 160 170 000 000 000000 2400 0000 2800000 6 800 000 4000 000 4000000 = 6 400 000 6400 000 6800000 400 000 d. Illustrate either the surplus or shortage from 4b your graph for number 3 above. (1 pts.) Question 5 6. Consider a market for gasoline that is in equilibrium at a price of $1.40 per gallon. (See Figure 3.4 in Chapter 3, Section 3.1) a. Will the quantity demanded at $1.60 be lower or higher than at the equilibrium price of $1.40 per gallon? Explain your thinking! (1.5 pts.)