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Disruptive Technology: A New Genus of Innovations in Technology

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Added on  2020-02-19

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ECONOMIC PRINCIPLE ECONOMIC PRINCIPLE 7 7 ECONOMIC PRINCIPLE Economic Principle Name of the Student Name of the University Author Note Answer 1: 2 Answer 2: 2 Answer3: 5 References 7 Answer 1: i) The term “disruptive technology” refers to that type of innovations in technology which leads to creation of a new genre of market and demand and supply structure and with time displaces an established traditional market, its products, key players and the alliances of that market

Disruptive Technology: A New Genus of Innovations in Technology

   Added on 2020-02-19

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Running head: ECONOMIC PRINCIPLEEconomic PrincipleName of the StudentName of the UniversityAuthor Note
Disruptive Technology: A New Genus of Innovations in Technology_1
ECONOMIC PRINCIPLE1Table of ContentsAnswer 1:...................................................................................................................................2Answer 2:...................................................................................................................................2Answer3:....................................................................................................................................5References..................................................................................................................................7
Disruptive Technology: A New Genus of Innovations in Technology_2
ECONOMIC PRINCIPLE2Answer 1: i) The term “disruptive technology” refers to that type of innovations in technologywhich leads to creation of a new genre of market and demand and supply structure and withtime displaces an established traditional market, its products, key players and the alliances ofthat market (Fan and Suh 2014). ii) There are many examples of disruptive technology with progressing innovationsand adaptation to new technologies. Two of such examples are as follows: a)The invention of telephonic services can be taken to be one of the major examples ofdisruptive technology as it completely changed the mode of communicationeventually and replaced the previous telegraphic mode of communication. b)Another example of disruptive technology is the introduction of the USB drives in themarket for storage of data. Due to their small size, portability and bigger storagecapacities, these devices took almost the whole of the market for CD and floppydrives (Russell 2012). Answer 2: i) The cost of travelling one-way from the Deakin College situated in Burwood toMelbourne’s CBD in a taxi may range from $37.41 to $52.37 (Taxifare.com.au, 2017).However, the same distance (One-way) can be travelled in a UberX within the cost range of$29 to $37, which is comparatively much lesser than that of the fare of taxi in Melbourne(Uber.com, 2017).
Disruptive Technology: A New Genus of Innovations in Technology_3

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