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1. What is a sharing economy? 2. The cost of a construction equipment is typically fixed...

1. What is a sharing economy?

2. The cost of a construction equipment is typically fixed in the short-run. How did the sharing economy change whether the cost of an equipment is fixed, or variable?

3. Give one example of a sharing economy and discuss the manner in which the fixed cost became variable in the long-run..

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Answer #1

Answer 1-Sharing economy is an economic model or a way of transaction or purchase of goods and services that is facilitated by a community-based on-line platform like a free mobile app that connects buyers and sellers from different areas. In such a set up,  individuals hire out things like their cars, homes etc. It is a short term transaction and the use of internet now has made it much easier for owners and renters to find each other. It is also referred to as the shareconomy, collaborative consumption, collaborative economy, or peer economy.For examples, car sharing services like Zipcar helps connect buyers/renters and sellers.

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