Hand written solutions are strictly prohibited In recent years, there has been a growing trend towards healthier eating, and this has led to increaseddemand for brown bread. A 2022 survey by the Hartman Group found that 62% of consumers are trying to eathealthier, and 58% are looking for more whole grains in their diet. The following diagram illustrates the impactof an increase in demand for brown bread. Which of the following statements is INCORRECT?R12R11R10a)b)Before the increase in demand, the equilibrium price is R10 and the equilibrium quantity is 900.Owing to an increase in demand, the demand curve shifts from D to D1. At a price of R10, after the increase indemand, the quantity demanded is 1 200 and the quantity supplied is 1 100.At a price of R10, after the increase in demand, there is an excess demand.A new equilibrium position is formed after the increase in demand at an equilibrium price of R12 and anequilibrium quantity of 1 100.I1 000 1 100 1 200 300 QC)d)

Demand refers to the quantity of a commodity that the consumer wants to buy at different prices. On…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Hand written solutions are strictly prohibited

In recent years, there has been a growing trend towards healthier eating, and this has led to increased
demand for brown bread. A 2022 survey by the Hartman Group found that 62% of consumers are trying to eat
healthier, and 58% are looking for more whole grains in their diet. The following diagram illustrates the impact
of an increase in demand for brown bread. Which of the following statements is INCORRECT?
R12
R11
R10
a)
b)
Before the increase in demand, the equilibrium price is R10 and the equilibrium quantity is 900.
Owing to an increase in demand, the demand curve shifts from D to D1. At a price of R10, after the increase in
demand, the quantity demanded is 1 200 and the quantity supplied is 1 100.
At a price of R10, after the increase in demand, there is an excess demand.
A new equilibrium position is formed after the increase in demand at an equilibrium price of R12 and an
equilibrium quantity of 1 100.
I
1 000 1 100 1 200 300 Q
C)
d)

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