= P3 P4 $20 $25 $30 $35 $40 $45 $50 $55 PS P6 P7 P8 Assume the following price and quantity observations apply for the demand curve facing a firm selling a farm input: P1 Q1 = 300 P2 02 = 275 Q3 250 04 225 Q5 200 Q6 = 150 27 = 125 Q8 75 Show your calculations A. (4 points) Situation A: What is the arc elasticity of demand between prices P1 and P2? (275-300)/(275+300)(2)//(25-20)/(25+20)(2)=-0.39 B (4 points. Situation B: What is the arc elasticity of demand between prices P3 and P4? (225-250)(225+ 250)(2)//(35-30)/(35+30)(2)=-0.68 C (4 points) Situation C: What is the arc elasticity of demand between prices P5 and P6? (150-200){(150+200)(2)//(45-40)/(45+40)(2) = -2.43 D (4 points) Situation D: What is the arc elasticity of demand between prices P7 and P8? (75-125)/(75+125)(2)//(55-50)/(55+50)(2) = -5.25 E. Refer to your answers above. For each situation (A and D) would Total Revenue increase or decrease with a 1% higher price? Situation 4 (4 points) Total Revenue would: . Situation D (4 points) Total Revenue would