Answered: Suppose that the demand for the Dates…

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 6CQQ

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Part (a):
Suppose that the demand for the Dates and supply of the Dates in Ramadan both are declined by
equal amount over some period of time. What you can conclude with this information? Explain
and graphically show the effect on equilibrium price and equilibrium quantity.
Part (b):
Why is money not considered to be a capital resource in economics and why is entrepreneurial
ability considered to be a part of economic resource, distinct from labor? Please suggest two most
important function of entrepreneurs, you think is must?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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