MIT Lessons on Supply and Demand in the Digital Age

The transcript discusses Apple's strategic shift from a product-focused to a platform-focused approach, emphasizing the importance of microeconomics in this transition. It highlights the role of student feedback in refining educational content at Sloan. The conversation also addresses common misunderstandings about digital technology and the challenges businesses face in adapting to technological changes. Finally, it explores how disruptors challenge incumbent companies, offering insights for both startups and established firms.

What was the key change that helped Apple win the battle in the smartphone industry?

• Increasing the battery life of devices

• Improving the camera quality

• Opening the App Store to external developers

• Reducing the price of iPhones

Why was the book taught at Sloan before it was finished?

• To increase book sales

• To compete with other courses

• To gather feedback from students

• To meet the curriculum deadline

What is a common misconception about the current wave of technology?

• It is overestimated in its impact

• It is underestimated in its potential

• It is easy to adapt to

• It is only relevant to tech companies

What is the main challenge businesses face with new technology?

• High implementation costs

• Lack of skilled workers

• Limited market reach

• Outdated business models

What role do disruptors play in the economy according to the discussion?

• They avoid technological changes

• They innovate and challenge incumbents

• They maintain the status quo

• They focus on traditional methods