Problem
Dr. E. is an environmentalist and a critic of economics. On The Charlie Rose Show, he attacks a book: ‘‘That text is typical-it includes all of this nonsense about long-run supply elasticities for natural resources like oil or coal. Any idiot knows that, because the earth has a finite size, all supply curves for natural resources are perfectly inelastic with respect to price. How can a rise in price for, say, oil lead to more oil when all of our oil was created eons ago? Focusing on these ridiculously high elasticity numbers just detracts from studying our real need-the need to conserve.'' How would you defend the analysis in this book against this tirade?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.