Scenario 2: 1 The price-demand equation for an order of fries at a fast food restaurant is - q=-1000p + 25001 12. Write point elasticity as a function of price. I 13. Determine the price elasticity of the current price of $1.29 price. 1 14. Should the price be raised or lowered to increase revenue? Why?1 15. Use elasticity analysis to determine the price that should be charged to maximize revenue. .] 16. Now lets maximize revenue using another approach. "Use the given to write revenue as a function of p. Use.R= AR- 1 17. Find the price that will maximize revenue using algebra and knowledge of quadratic functions. .1 How does this result compare with your previous results? 1