7. Price Elasticity of Demand You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. What should you do to increase revenue if the price elasticity of demand is greater than 1? O Nothing, revenue is maximized at current admission price O Raise the admission price O Lower the admission priceSuppose that Kenji and Lucia are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: Price Kenji's Quantity Demanded Lucia's Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 16 12 CO UA W N OH W A On the following graph, plot Kenji's demand for ice cream cones using the green points (triangle symbol). Next, plot Lucia's demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 6 Kenji's Demand 4 Lucia's Demand O PRICE (Dollars per cone) w Market DemandA 5 Kenji's Demand A Lucia's Demand 3 O PRICE (Dollars per cone) Market Demand 2 1 0 0 A 8 12 16 20 24 QUANTITY (Cones)