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MAE101 Emerging Technology Trimester 2.2017

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Economic Principles (MAE101)

   

Added on  2020-02-24

MAE101 Emerging Technology Trimester 2.2017

   

Economic Principles (MAE101)

   Added on 2020-02-24

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Answer 1:A.A disruptive technology ‘isa new emerging technology that unexpectedly displaces an established one’(Fonseca, 2014). Sucha technology is often new, and lack refinements and come with limited proven applications. As the name suggests ‘ disruptive’ technology disrupts existing systems and technology, by showing that the latter is inefficient and has thecapability to disrupt existing systems and word styles. The word was coined in 1997 in The Innovator’s Dilemma by Clayton M Christensen, a Harvard School professor. (Clayton et al., 2015)B.Since 1997 we have come along way and there have been many technologies that disrupted the ecosystem in the world. Some succededwhile others persihed as they could not sustain /prove their applicablity ona wide basis. Two successful examples that come to mind include- Robots that have the potential to replace humans as workers ina factory floor and other workplaces. Self driving cars is another example with enormous benefits. Their use in wars can save lives.They have been used to detect land mines and have proven useful already. Answer 2:i.Trip: Deakin College (Burwood) to Melbourne CBD. Fare in a taxi ride: $37Fare in a UBer X : $32-44Source: SilverTopTaxi:; Uber:https://www.uber.com/en-AU/fare-estimate/ii.The difference in fares could be due to many factors which are due to different models used. Each model considers different determinants of demand and supply. Assuming that distance and start-stop points are same fares can differ due to the following possible reasons:1.A normal taxi and Uber taxi use different models. One is static and Uber is dynamic. The latter updates demand and supply conditions constantly to allow fares to change on real time basis. A normal taxi fare is based only on distance asa parameter and possibly time taken in idling over the journey. UberX considers supply side as looks at available taxi drivers in the vicinity of the order booked to arrive at a fare. Higher demand with higher supply can still dip fares, which is not possible in a normal taxi model. 2.Fares are generally based on type of taxi used. A bigger car will demand higher fares.A taxi with a top carriage for luggage can demand higher fare.iii.The diagram is shown below
MAE101 Emerging Technology Trimester 2.2017_1
The entry of UberX can shift demand and supply curves. While the exact results are not possible it is not wrong to expect supply to increase as more taxi drivers join Uber. This is shown as a right shift of the supply curve. The result is lower prices , and a rise in ridership.
MAE101 Emerging Technology Trimester 2.2017_2

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