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Russell Roberts, The Price of Everything: A Parable of Possibility and Prosperity In the story, Professor Lieber...

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Economics

Russell Roberts, The Price of Everything: A Parable ofPossibility and Prosperity

In the story, Professor Lieber states emphatically, “no one canmake a pencil.” 1) Give a detailed explanation of why this is true,and 2) why, in spite of “no one in charge,” just the right amountof pencils gets made anyway. In part 2 of your answer, you mustapply the basic economic logic of supply and demand analysis todescribe and explain the argument.

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1Russel Roberts The Price of Everything A Parable of Possibility and Prosperity is a book that contains a story that speaks about the economic growth and the unseen forces that creates and sustains the economic harmony around us In this context the statement made by Professor Lieber in it is noteworthy He states the economy of pencilmaking and firmly states that no one will dare to make a pencil for himselfherself The    See Answer
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