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 Price Bicycles Bicycles of Bicycles (dollars) Demanded Supplied Demanded $200 790 325 825 225 650 490 775 250 609 475 725 275 550 550 675 300 500 625 625 325 450 700 575 350 400 775 525 Instructions: Enter your answers as a whole number. 3. What are the initial equilibrium price and quantity in the bicycle market? P=$ hs Q = ] bicycles b. What are the new equilibrium price and quantity in the market? P=$ Q = bicycles c. Because of the increased number of bicycle lanes in rural Indiana, the equilibrium price of bicycles quantity of bicycles. and the equilibrium 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