Assume That the Demand Equation for Exercise Watches, Such as the Fitbit

question 101

Essay

Assume that the demand equation for exercise watches, such as the Fitbit, is Q^D = 2,200 - 15P and the supply equation is Q^S = 15P - 800. After a favorable study shows that using exercise watches significantly reduces users' weights, quantity demanded increases by 300 at every price. The new equilibrium price will be _____ and the new equilibrium quantity will be _____.

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Definitions:

Reality Engineering

The practice of deliberately shaping the perception of reality through various means, often involving media, technology, or psychological techniques.

Craft Product

An item that is made traditionally by hand, or with minimal mechanization, often emphasizing quality and uniqueness.

Art Product

A creation resulting from artistic activities, such as paintings, sculptures, or design pieces, intended for aesthetic appreciation or cultural significance.

Cultural Formulas

Predefined, widely recognized patterns or themes in media and literature that are replicated because they resonate with cultural norms and values.