evaluate the impact of a change in market conditions, suggest possible explanation(s) for such an observed change and calculate the appropriate relevant elasticity. market equilibrium price and quantity are $1.65 and 6,429 cups, respectively. Within the past day, the yogurt market has been in a flux. Today, the market has settled. The data indicate that the quantities supplied in the table are unchanged. However, the quantity demanded has increased by 1,400 cups at each price. Construct the resulting new market demand curve, calculate the new equilibrium price and quantity and provide at least 2 valid reasons why such a change has taken place. Secondly, now that we have a new equilibrium, please calculate the appropriate elasticity and be sure to indicate calculated an elasticity of supply or elasticity of demand.

27 Rivals in the local Yogurt Market Generate The Market Supply $0.00 $1.00 $1.30 $1.40 $1.50 $1.65 $1.85 $2.00 $2.25 $2.50 Market Supply '740 2,160 4,116 5,700 6,429 7,679 7,920 8,060 8,140 Market Demand 7,777 7,195 6,829 6,579 6,429 6,279 6,029 5,679 5,179