Please help! I am so confused! Thank you In the following demand and supply model for bicycles, label the description for each change of demand or supply.9070Supply6050DemandA decrease of 10 million bicycles supplied at any given price.A decrease of 20 million bicycles supplied as a result of a lower price.10A decrease of 10 million bicycles supplied as a result of a lower price.A decrease of 20 million bicycles supplied at any given price.102030405060708090Quantity (millions) per year80403020Price ($) per unit In the following demand and supply model for bicycles, label the description for each change of demand or supply.908070Supply60An increase of 20 million bicycles demanded at any given price.50An increase of 10 million bicycles demanded at any given price.An increase of 20 million bicyles demanded as a result of a lower price.40An increase of 10 million bicycles demanded as a result of a lower price.Demang3010102030405060708090Quantity (millions) per yearPrice ($) per unit20

Any change in the demand and supply is explained by the shift or movement on these curves and that…

In the following demand and supply model for bicycles, label the description for each change of demand or supply. 90 80 70 Supply 60 50 40 Demand 30 20 A decrease of 10 million bicycles supplied at any given price. A decrease of 20 million bicycles supplied as a result of a lower price. 10 A decrease of 10 million bicycles supplied as a result of a lower price. A decrease of 20 million bicycles supplied at any given price. 10 20 30 40 50 60 70 80 90 Quantity (millions) per year Price ($) per unit