Fitbits are personal fitness devices which are very popular with the fitness and wanna be fitness target market. The activity trackers are wireless-enabled wearable technology devices that measure personal data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics involved in fitness. Fitbits are sold in several models from the basic entry level one to the more advanced ones which can also measure BMI and blood pressure. Review the section in your textbook which discusses the product life cycle. Please indicate what stage of the product life cycle you think that the personal fitness tracker industry is in, and also the Fitbit itself. Please justify your answer.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.