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Consider the market for Bicycles, which you can assume is a competitive market. The market demand and supply for bicycles are given in the following

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Consider the market for Bicycles, which you can assume is a competitive market. The market demand and supply for bicycles are given in the following schedule: 1. Fill in the following table Pric Quantity Supplied Quantity Demanded Surplus or How much? e Shortage O 0 90 5 17 75 10 27 60 15 37 45 20 47 30 25 57 15 30 67 0 2. Graph Supply and Demand on one set of axes. Label everything. 3. Label equilibrium price and quantity. 4. If consumers' income increases and Bicycles are an inferior good, show on your graph: a. First complete the following sentence: "An inferior good is a good which b. Which of Demand or Supply (or neither) changes? c. If it changes, how does it change? d. How does equilibrium price and quantity change? Label everything very clearly

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