Microeconomics

Please help answer the following questions

(4 Marks) QUESTION 11 Study the followng demand and supply schedules and answer the questions that follow. Point e R50 What is the equilibrium price (EP) and quantity (Q)? QUESTION 12 Which two of the following statements are false? 110 (4 Marks) i.Macroeconomic theory inevitably involves a lot of simplificaon and abstraction. ii.Macroeconornic theory be useful only if it replicates every possible detail of the real world. ii. Because macroeconomic theory uses concepts that do not exist in a physical sense, it cannot serve as a basis for economic policy decisions- iv- One of the main purposes of economic theory is to help us to predict what will happen if something change- a) land ii are false b) ii and iii are false c) iiiandiv are false d) landivarefalse QUESTION 13 (4 Marks) Opportunity cost is the forgone benefit that would have been derived from an option not chosen. To property evaluate opportunity costs, the costs and benefits of every option available must be considered and weighed against the others' As me oppcrtunity cost of a good decreases, people buy a) mreofmatgood but less of its complernents. b) less of that good anclalso Ess of its cornplements- c) less ofthatgood but more of its complanents. d) more ofthatgood and also more of its cmplernents