Assume the following price and quantity observations apply for the demand curve facing a firm selling a farm input: P1 $20 Q1 300 P2 S25 Q2 275 P3 $30 Q3 250 P4 $35 04 225 P5 $40 Q5 200 $45 06 P7 S50 Q7 125 $55 08 75 Show your calculations A (4 points) Situation A: What is the arc elasticity of demand between prices PI and P2? P6 150 P8 . (4 points) Situation B: What is the arc elasticity of demand between prices P3 and P4? C (4 points) Situation C: What is the arc elasticity of demand between prices P and P6? D. (4 points) Situation D: What is the arc elasticity of demand between prices P7 and P8? E. Refer to your answers above. For each situation (A and D) would Total Revenue increase or decrease with a 1% higher price? Situation A (4 points) Total Revenue would: Situation D (4 points) Total Revenue would