I know many of you use I, Pencil early in the course to explain interdependence, gains from trade and specialization. But now you can revisit the humble writing instrument when discussing market structure, competition and pricing. Today's edition of The Wall Street Journal has a fascinating story about the competition between the two largest and oldest pencil manufacturers. It opens the door for all kinds of discussion about the firm and even has this engagin video.
I would love to read your reaction.
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1 comment:
It's hard to believe that even pencil makers try to differentiate their product. My Faber-Castell pencils are of such high quality, I am afraid to use them so I save them for only my serious work. As a result, I don't use them very much. Instead, I substitute with a cheaper Crayola. I am not sure that is what Faber-Castell intended.
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