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Illustrating the initial equilibrium and the new equilibrium

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Consider the market for soft drinks that is initially in equilibrium with a market price of P1 and a market quantity of Q1. Suppose there is a successful campaign to educate the public about the caloric values in soft drinks and their contribution to obesity. At the same time suppose that the price of corn syrup, a key ingredient in many soft drinks, rises. Draw a graph illustrating the initial equilibrium and the new equilibrium after these described changes. Provide a verbal description of the outcome in this market due to these changes.

Reference no: EM132786087

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