Suppose the demand curve for bicycles is given by Qd = 27 -…

Suppose the demand curve for bicycles is given by Qd = 27 – 3P + 0.01X, where Qd is the quantity demanded, P is the price of bicycles, and X is consumer income. Consumer income is $500. The supply curve for bicycles is given by Qs = 5P, where  is the quantity supplied. Solve for the market equilibrium price and quantity of bicycles. At the market equilibrium, what is the income elasticity of demand for bicycles? Show your work.  Online exam takers: Leave the field below blank. Score will be based on the photo / pdf of your work.