I need answers with explanations and graph as well. Course: Microeconomics ECON 1000

(a) (b) (C) (d) Suppose in the market for bicycles. the supply curve is P = 30 + 20 and the demand curve is P = 90 20. where P is the price of bicycles and Q is the quantity of bicycles supplied or demanded per year. Show how to solve for equilibrium quantity 0" and price P\" of bicycles, and total revenue to producers TR\". P9 Q\" \"rse Suppose the government considers the equilibrium price P9 from part (a) being too high such that low-income households cannot afford bicycles and it legislates to change the price of bicycles by $20 with a binding price ceiling PC. Show how to solve for the binding price ceiling PC, At Pf. solve the quantity of bicycles supplied (255 and demanded 0?. the quantity of excess supply (surplus) or demand (shortage), and total revenue to producers TRC. Pg 0:? Q? (circle one) Shortage / Surplus quantity TRC Suppose bicycle producers used to consume 40 bottles ofred wine when their income was at TR\" in part (a) and their red wine consumption drops to 8 bottles as their income changes to TRC in part (b). Calculate the income elasticity of red wine for bicycle producers. Hint: Use the mid- point formula. ls red wine an inferior, a normal. or a luxury item to bicycle producers? Following the notations: r112 represents the cross elasticity ofthe quantity demanded for good 1 when the price of good 2 changes, \"b" for bicycles. \"s" for skateboards. and \"u" for unicycles. The cross-price elasticity of the quantity demanded for unicycles when the price of bicycles changes is nub = 2, and the cross-price elasticity of the quantity demanded for skateboards when the price of bicycles changes is rm, = 1.5. According to the price change between part (a) and part (b), calculate the percentage change in quantity demanded for unicycles and skateboards. Use your results to explain how unicycles and skateboards are related to bicycles. Hint: Use the mid- point formula