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IW - Market Equil. and Policy Saved 12 The market for bicycles in rural Indiana is described in the table below. Suppose that public spending improves bicycle lanes in rural areas. As a result, the demand for bicycles shifts to the right by 125 bicycles at every price. Market for Bicycles Initial Quantity of Quantity of New Quantity 0.1 Price Bicycles Bicycles of Bicycles points dollars Demanded Supplied Demanded $200 800 425 925 225 750 500 875 250 700 575 825 275 650 650 775 Print 300 600 725 725 550 800 350 675 500 875 625 Instructions: Enter your answers as a whole number. a. What are the initial equilibrium price and quantity in the bicycle market? P= $ Q = bicycles b. What are the new equilibrium price and quantity in the market? P= $[ bicycles quantity of bicycles c. Because of the increased number of bicycle lanes in rural Indiana, the equilibrium price of bicycles. and the equilibrium O increases by $25; increases by 75 bicycles O decreases by $25; decreases by 75 bicycles O increases by $25; decreases by 75 bicycles O decreases by $25; increases by 75 bicycles Sraw Prev. 12 of 29