SSE 210 - Economics [or the Professional Problem Set 2 Directions: Write clear and complete answers to the following questions on your own paper. Show your work and put a boot around your final answers. Feel free to collaborate. 1. Consider the following information about the demand and supply of bicycles in Glen Bumie. MD: IfapricecellingofSSOOislmposedonthismarket... bicycles a. What will the shortage of bicycles be? b. What will the change in total consumer surplus be? c. What will the deadweight loss in this market be? d. What will the value of time lost be from waiting in line for bicycles