The table below shows information on the demand and supply f…
The table below shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Untitled 6 (1).png What is the quantity demanded and the quantity supplied at a price of $210? Qd = thousand units Qs = thousand units At what price is the quantity supplied equal to 48,000? P = $ What are the equilibrium price and equilibrium quantity? Q* = thousand units P* = $ At a price of $120… Qd = thousand units Qs = thousand units Is this considered equilibrium, shortage or surplus?