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If you've got Dynamic Lighting on Roll20, its pretty simple really.
Set the dwarf's token to 60ft of full light, no dim light start, and don't check the "all players see light" option.
Ask the human and elf players what their most common light source is. Assuming Lanterns/Torches/etc. are meant to shed dim light out to double their bright light range, just input that as normal. 40ft light, dim light starts at 20ft for torches or Light spell, check "all players see light".
Humans take a penalty (flat check dc5) to hit anything in dim light ("Ctrl+L" to check a token's line of sight as the GM). Elves don't need to take that penalty, but can't actually see any further - in 1e you'd give them the Sight Multiplier x2 modifier on their token.
5ft of vision would RAW only be appropriate for a human trying to dungeon crawl with a candle for illumination. If the human has no light source at all, giving them a 5ft radius of dim light is a kindness, but technically not necessary.
If you're paying Roll20 the big bucks and have access to the API, I highly recommend the "Torch" script - I can click a button to instantly snuff my PCs light sources when Deeper Darkness hits them, and I can restore their visibility with another separate macro to standard Torch illumination or do any number of other cool things.