At $250 a chip, is the demand for chips elastic or inelastic? Use the total revenue test

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At $250 a chip, is the demand for chips elastic or inelastic? Use the total revenue test to answer this question.
The demand schedule for computer chips is

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Microeconomics

ISBN: 978-0133019940

11th edition

Authors: Michael Parkin

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Question Posted: Dec 15, 2015 06:59 AM

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At $250 a chip, is the demand for chips elastic or inelastic? Use the total revenue test

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Quantity demanded Price (dollars per chip 200 250 300 350 400 millions of chips per year) 50 45 40 35 30

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The demand for chips is inelastic The total revenue test s...View the full answer

Microeconomics

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