Final answer:
Without specific demand and supply schedules, we can't provide the exact quantities demanded and supplied at given prices, but we can describe the general process of finding the equilibrium and effects of price changes in the marketplace for bicycles.
Step-by-step explanation:
Determining the Equilibrium in a Market for Bicycles
To find the quantity demanded and quantity supplied at a price of $210, and to determine the price where the quantity supplied equals 48,000 units, we require specific demand and supply schedules that this question does not provide. Hence, we can’t give specific numbers without this additional data. However, we can describe the general process on how to approach such problems.
When graphing the demand and supply curves, the intersection point represents the equilibrium price and quantity. This is where the quantity demanded equals the quantity supplied. To determine these from a table, you find the price level where both quantities are equal. If the price was $120, the quantities demanded and supplied would depend on the specific schedule; however, without the schedule, we can state that if this price is below equilibrium, a shortage would exist, and vice versa.