p=.. V10-5x 1 where p is the price of a night light in dollars and x is the demand in thousands. 0- 01 . M-29 6. -Write.Point.Elasticity as a function of the price. I 7. -Find the Point .Elasticity for the price $1.50.1 What does this suggest about the effect of a change in price at this price?I Should prices be raised or lowered to increase the revenue?] 8.-Set.E=.1 and solve for p to determine the price that yields unit elasticity. 1 What can you conclude about Revenue at this price.level?1 9.-Sketch a graph of Revenue as a function of price over the interval p=$0 to p=$3.1 10. On your graph show the points associated with the arc elasticity and the point elasticity calculations. from #.4, 5, and-6.9