| January 24, 2015

Free Ferraris There is a Ferrari dealership that I have to pass every day on my way to work. The cars are beautiful out in the front of the dealership along the highway; mostly red with some bright yellows. I have always been a little self-conscious being a teacher, to actually go inside. When I looked up the prices on the Internet, the cheapest one is $220,000 more than triple my salary. Please answer the following questions for your essay: This paper must have at least 1,000 words for full credit 1. Why do Ferraris cost so much (use the economic concepts of supply and demand to answer)? 2. What if tomorrow I saw a sign placed by the government on the dealership window that said “Free Ferraris”, would I now be able to own one (use the economic concept of a reduced price on supply and demand to answer)? 3. If government control of price creates problems, what would be an economically “fair” solution for both buyers and Ferrari? What would the price be? 4. Describe the incentives created with government imposed price ceilings. How does pricing (free or government controlled) affect the goods or services you have knowledge of? Note: for full points here you must use a real life example with a reference

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