Final answer:
To answer the question, we need to understand the concepts of demand and supply. Without specific data on the demand and supply curves or table, we cannot determine the quantity demanded and supplied at a price of $210 or at what price the quantity supplied is equal to 48,000. Graphing the demand and supply curve helps determine the equilibrium price and quantity. Without demand and supply data, we cannot determine the quantities demanded and supplied or if there would be a shortage or surplus if the price was $120.
Step-by-step explanation:
In order to answer the question, we need to understand the concepts of demand and supply. The quantity demanded refers to the amount of bicycles that buyers are willing and able to buy at a given price, while the quantity supplied refers to the amount of bicycles that sellers are willing and able to sell at a given price.
To determine the quantity demanded and supplied at a price of $210, we would need specific information about the demand and supply curves or the table of demand and supply quantities at different prices. Without that information, we cannot provide an exact answer.
Similarly, in order to determine at what price the quantity supplied is equal to 48,000, we would need the relevant data from the demand and supply curves or the table. Without that information, we cannot provide an exact answer either.
Graphing the demand and supply curve for bicycles would help us visually understand the relationship between quantity demanded, quantity supplied, and price. Using the graph, we can determine the equilibrium price and quantity. The equilibrium price is the price at which the quantity demanded equals the quantity supplied. The equilibrium quantity is the corresponding quantity at the equilibrium price.
If the price of a bicycle was $120, we would need the demand and supply data to determine the quantities demanded and supplied. If the quantity demanded is greater than the quantity supplied, there would be a shortage of bicycles. If the quantity supplied is greater than the quantity demanded, there would be a surplus of bicycles. The size of the shortage or surplus would depend on the specific quantities demanded and supplied at that price.