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ECON100 Tutorial Seven - Demand and Supply Reading: The Economy Unit 8 Section A: Preparation Questions Each of the following events has an impact on the market for bicycles. For each event, identify which curve is affected (demand for or supply of bicycles), the direction it has shifted, and the resulting impact on the equilibrium price and quantity of bicycles. In each case, use a diagram to illustrate the change. The price of cars increases. Consumers' incomes decrease, and bicycles are a normal good X 3 (iii) The price of steel used to make bicycle frames decreases. X (iv) Both (ii) and (iii) above occur at the same time