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From the last discussion, we learned that the market equilibrium price and quantity are $1.65 and 6,429 cups, respectively. 27 Rivals in the local Yogurt

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From the last discussion, we learned that the market equilibrium price and quantity are $1.65 and 6,429 cups, respectively. 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 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. (10 points)

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