Question 3: 5 marks

Part a - (3 marks)

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) - (2 marks)

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?