Do some research on a topic known to economists as the 'friction-free' economy. Once you have done so, 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 (Chapter 2), and demand elasticity (Chapter 3), 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 impacted? 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?
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