ECONOMICS

Each of the events listed below has an impact on the market for bicycles. For each event, which curve is affected (supply or demand for bicycles), what direction is it shifted, and what is the resulting impact on the equilibrium price and quantity of bicycles? Explain it with the help of diagram. [Marks: 10] a. A decrease in the price of motorcycles b. A increase in incomes of consumers if bicycles are a normal good c. An increase in the price of steel used to make bicycle frames d. A technological advance in the manufacture of bicycles e. A reduction in the price of bicycle helmets and shoes (complements)