Question: 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

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

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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