Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Homework Help/Study Tips Expert

Do some research on topic known to economists as the 'friction-free' or 'low-friction' economy. Early preparers on this topic foresaw many of the seismic shifts that have occurred in market place over the past one to two decades. Some of these early writings on 'friction' discussed many of the business tools we now think of as either commonplace or even obsolete. It is sometimes hard to imagine that businesses once embraced overnight mail, inexpensive fax machines, and email as being as monumental as we now think of business web sites, smart phone apps, Facebook, business portals (such as Amazon), and Google. The business tools becoming available may have been different, but the impacts on business strategies were dramatic. Once you have done your research, tell your classmates what you found, where you found it, and who the authors of the material are.

Next, tie the idea of a friction-free or low-friction economy to the concepts of demand and supply, and demand elasticity , two major topics in Managerial Economics. Some ideas that might be debated include, but are not limited to:

What is the connection or correlation between the amount of 'friction' in an economy and demand and supply? Does a relationship even exist? How can we quantify the relationship?

As friction in an economy decreases or increases, how is the demand for a firm's product or service impacted (does anyone remember when a traveler contacted a travel agent instead of Kayak for an airplane ticket, and the ticket was printed and presented to board a flight?)? Does it increase? Does it decrease? How can we measure the impact? How does the elasticity of demand for a firm's products change, if it does change? Are all firms impacted the same? Why or why not?

Is there an integral connection between friction in an economy and elasticity of demand? Why do you believe there is, or why do you believe there is not? If there is a connection, what is it? Can we measure or specify the relationship? If yes, how do we do so?

Homework Help/Study Tips, Others

  • Category:- Homework Help/Study Tips
  • Reference No.:- M937463

Have any Question? 


Related Questions in Homework Help/Study Tips

Assignment lasa 2 identity formation and rites of

Assignment : LASA 2 Identity Formation and rites of passage We have learned that adolescence is a time of transition between childhood and adulthood. A critical milestone of this stage is the ability to successfully achi ...

Lets earn some participation points and gain a deeper

Let's earn some participation points and gain a deeper understanding of a key accounting concept - the conceptual framework! Some ideas to get you started can include: Describe the framework How is the framework useful o ...

Thinking about the 4th amendment to the united states

Thinking about the 4th Amendment to the United States Constitution, what does the 4th Amendment address and why is it important to police officers and investigators investigating cases? Is ‘unreasonableness' something ci ...

Discussion questionthere are a few cities and states

Discussion Question There are a few cities and states considering legislation on "Banning the Box" question that currently exists on employment applications and questions during the first round of interviews. For example ...

Article critiqueread the following articlesgregg g l 2011

Article Critique Read the following articles: Gregg, G. L. (2011). Unpopular vote: Enemies of the Electoral College aim to scrap the Founders' design. The American Conservative, 10(12), 33+. Retrieved from http://www.amc ...

You studied the topic of eminent domain which is the power

You studied the topic of eminent domain, which is the power to take private property, without permission from the owner, for public use by a state, municipality or private person or authorized corporation, following the ...

Response middot respond to a colleagues post by

Response: · Respond to a colleague's post by explaining what might enable or prevent a social worker from applying research findings to his or her practice. · Please use the Resources to support your post. References (us ...

Loss contingencies entries and essayon november 24 2014 26

Loss Contingencies: Entries and Essay On November 24, 2014, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9, ...

Identify and explainthe gestalt therapy is significant

Identify and explain The Gestalt therapy is significant because it has methods that bring conflicts and human struggles to life. Because of its holistic approach it values each aspect of the individual's experience equal ...

Discuss about the separation of powers is an important

Discuss about The Separation of powers is an important concept in the UK. However, it is often argued that there is no need for it.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro