Final answer:
The provided information contains an error, rendering it impossible to calculate the percent of discount as the discounted price listed is higher than the original price.
Step-by-step explanation:
To calculate the percent of discount applied to the bicycle, we can use the formula:
Discounted Price / Original Price x 100%
In this case, the discounted price is $291 and the original price is $140. Plugging in these values into the formula, we get:
$291 / $140 x 100% = 207.86%
Therefore, the percent of the discount applied to the bicycle is approximately 207.86%.
The information provided appears to be in error, as it references price elasticity and other aspects of economics, which do not directly apply to the question at hand. To calculate the percent of discount on a bicycle that was originally priced at $140 but has been reduced to $291 is not possible, because the discounted price cannot be higher than the original price. Typically, to find the percent of discount, you would subtract the discounted price from the original price, divide that number by the original price, and then multiply by 100. However, in this instance, since there's an inconsistency in the information provided, a correct calculation can't be performed.