P3 Assume the following price and quantity observations apply for the demand curve facing a firm selling a farm input: P1 $40 Q1 32 P2 $43 Q2 30 $56 Q3 = P4 $59 26 P5 $72 Q5 = $75 Q6 = 18 P7 $78 14 P8 $81 Q8 28 20 P6 Q7 12 A (6 points) Situation A: What is the arc elasticity of demand between prices Pl and P2? B.. (6 points) Situation B: What is the arc elasticity of demand between prices P3 and P42 C. (6 points) Situation C: What is the arc elasticity of demand between prices P5 and P6? I D.. (6 points) Situation D: What is the arc elasticity of demand between prices P7 and P8