c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and

quantity from the graph? How can you determine the equilibrium price and quantity from the table?

What are the equilibrium price and equilibrium quantity?

d.

If the price was $120, what would the quantities demanded and supplied be? Would a shortage or

surplus exist? If so, how large would the shortage or surplus be?

54. The computer market in recent years has seen many more computers sell at much lower prices. What

shift in demand or supply is most likely to explain this outcome? Sketch a demand and supply diagram

and explain your reasoning for each.

a. A rise in demand

b. A fall in demand

c. A rise in supply

d. A fall in supply
84 3 • Problems

55. Table 3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the

equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a
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