With the dramatic increase in inflation and increases in fuel prices due to the war in Ukraine, more Cypriots are using bicycles to get around. "Easy Ride" is a local shop in Nicosia that sells bicycles. The demand and supply for Easy Ride bicycles are expressed by the following equations Qd=1000.1P demand Qs =20+0.2P bid Where Q is the quantity of bicycles and P is the price in euros. Please answer the following: Required 1. Calculate the equilibrium price and quantity for Easy Ride bikes and explain what it means 2. If the government decides to subsidize the purchase of bicycles at $150 each. calculate the amount of the subsidy that both the consumer and the seller will benefit from. A subsidy is the opposite of a tax with supply changing to Qs=20+0.21P+ 100) Ise the editor to formatyour ansiver. With the dramatic increase in inflation and increases in fuel prices due to the war in Ukraine, more Cypriots are using bicycles to get around. "Easy Ride" is a local shop in Nicosia that sells bicycles. The demand and supply for Easy Ride bicycles are expressed by the following equations Qd=1000.1P demand Qs =20+0.2P bid Where Q is the quantity of bicycles and P is the price in euros. Please answer the following: Required 1. Calculate the equilibrium price and quantity for Easy Ride bikes and explain what it means 2. If the government decides to subsidize the purchase of bicycles at $150 each. calculate the amount of the subsidy that both the consumer and the seller will benefit from. A subsidy is the opposite of a tax with supply changing to Qs=20+0.21P+ 100) Ise the editor to formatyour ansiver