Exercise 1:

The market for bicycles is represented in the here-below demand and supply schedules: Price ($) Quantity demanded (in millions) Quantity supplied (in millions) 500 8.50 6.00 600 8.00 6.50 700 7.75 7.00 800 7.65 7.25 900 7.50 7.50 1,000 7.00 8.00 1,100 6.00 9.00