Market for Bicycles Initial Quantity of Quantity of New Quantity Price Bicycles Bicycles of Bicycles (dollars) Demanded Supplied Demanded $200 700 325 825 225 650 400 775 250 600 475 725 275 550 550 675 300 500 625 625 325 150 700 575 350 406 775 525 Instructions: Enter your answers as a whole number. a. What are the initial equilibrium price and quantity in the bicycle market? P= $0 Q =[ bicycles b. What are the new equilibrium price and quantity in the market? P= $0 Q = bicycles c. Because of the increased number of bicycle lanes in rural Indiana, the equilibrium price of bicycles and the equilibrium quantity of bicycles O decreases by $25; decreases by 75 bicycles O increases by $25; decreases by 75 bicycles O increases by $25; increases by 75 bicycles O decreases by $25; increases by 75 bicycles