Final answer:
The question addresses economic principles, specifically how supply and demand affect pricing and sales volume of mountain bikes. It involves finding quantities demanded and supplied at certain prices, determining equilibrium from both a graph and a table, and the effects of price changes on market balance.
Step-by-step explanation:
The question deals with basic economic principles relating the concepts of supply and demand to pricing strategies. When determining an acceptable price for a mountain bike and predicting sales, one would typically expect a higher price to result in the sale of fewer units (higher price, lower units), and a lower price to result in the sale of more units (lower price, higher units). This reflects the basic law of demand.
In terms of quantity demanded and supplied at a given price, such as $210, these figures would be determined by the specific demand and supply curves for mountain bikes. If the price was set at $120, lower than the equilibrium price, it would typically result in a higher quantity demanded than what is supplied, leading to a shortage. Conversely, a price set above the equilibrium price would result in a lower quantity demanded than what is supplied, leading to a surplus.
To find the price where the quantity supplied is equal to 48,000, you would need to refer to the supply curve or the supply function. The equilibrium price and quantity are found where the demand and supply curves intersect on a graph, or where the quantities demanded and supplied are equal in a tabular representation.