Final answer:
The statement highlights Lord Farquaad's reading habits by showing his tendency to reread his favorite novel, reflecting the universal pleasures and benefits of reading literature for personal growth.
Step-by-step explanation:
The purpose of the statement "Lord Farquaad loves rereading books; For example, he just finished his favorite novel for the eighth time" is to describe Lord Farquaad's reading habits. It indicates that he not only enjoys reading, but also frequently revisits the same text. This behavior mirrors the way some people find pleasure and enlightenment through literature, as Robert DiYanni suggests in his study Literature: Reading Fiction, Poetry, Drama, and the Essay. Apart from the joy of narrative and imagination, stories allow us to broaden our understanding and deepen our appreciation of life. Consequently, the statement doesn't just speak about Lord Farquaad's character but also highlights the universal benefits of reading for pleasure and personal growth.