When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, O 1. the price elasticity of demand for good A is 0.67, and an increase in price will result in an increase in total revenue for good A O2 the price elasticity of demand for good A is 1.50, and an increase in price will result in a decrease in total revenue for good A. O 3. the price elasticity of demand for good A is 1.50, and an increase in price will result in an increase in total revenue for good A O 4 the price elasticity of demand for good A is 0.67, and an increase in price will result in a decrease in total revenue for good A

The price elasticity of demand for good A is 0.67, and an increase in price will result in a increase in total revenue for good A

Explanation:

The following can be deduced form the question:

P1 = $50

P2 = $70

Q1 = 500 units

Q2 = 400 units

Percentage change in quantity = [Q2 - Q1 / (Q2 + Q1) ÷ 2 ] × 100

Percentage change in price = [P2 - P1 / (P2 + P1) ÷ 2 ] × 100

% change in quantity = (400 - 500)/(400 + 500)/2 × 100

= -100/450 × 100

= -22.22%

% change on price = (70 - 50)/(70 + 50)/2 × 100

= 20/60 × 100

= 33

Price elasticity of demand = % change in quantity / % change on price

= -22.22 / 33

= -0.67

This means that a 1% change in price will lead to a 0.67% change in quantity demanded. As there was a price change, there'll be a little change in quantity demanded because demand is inelastic. Thereby, he increase in price will lead to an increase in the total revenue.

Therefore, the price elasticity of demand for good A is 0.67, and an increase in price will result in an increase in total revenue for good A

Option (b) is correct.

Explanation:

Given that,

Initial price of good A = $50

Initial quantity demanded of good A = 500 units

New price of good A = $70

New quantity demanded of good A = 400 units

Average quantity demanded:

= (New + Initial) ÷ 2

= (400 + 500) ÷ 2

= 450 units

Change in quantity demanded:

= New - Initial

= 400 units - 500 units

= -100 units

Average price level:

= (New + Initial) ÷ 2

= (70 + 50) ÷ 2

= $60

Change in price level:

= New - Initial

= $70 - $50

= $20

Therefore, the price elasticity of demand for good A is as follows:

=

=

=

= -0.67

Total revenue before price increase:

= quantity demanded of good A × price of good A

= 500 units × $50

= $25,000

Total revenue after price increase:

= quantity demanded of good A × price of good A

= 400 units × $70

= $28,000

Therefore, there is an increase in total revenue with increase in the price level.

C. Fair Credit Reporting Act

Explanation:

Fair Credit Reporting Act was brought into action to lay governance on the credit bureaus regarding their consumers' credit information. The act presents the rules and regulations to be followed to obtain and present the credit details of the consumers. Also, it looks over the manner in which the details are shared with the consumers and others for various other purposes.

According to the given excerpt, the Fair Credit Reporting Act allows Carlos to take an action in case of any error found in his credit report.

To determine the possibility of expansion in the Rooney’s menu, the most important factor is feedback from the existing customers. Being a marketing consultant both internal and external factors must be considered. Internal factors - company's internal available resources such as fund, employees etc. Capabilities and strategies. 

External aspect is environmental context competitor's customer wants, needs and potentials.