The intensity of the yellow color component is gradually increased in steps of 10, creating different shades of yellow. The `delay(500)` function is used to pause the program for 500 milliseconds after each shade change. After reaching the maximum intensity (255), the intensity is set back to 0 to create the blinking effect. The `delay(500)` function is used to pause the program for 500 milliseconds between each blink. You can adjust the increment value and delay times to achieve the desired effect.