Answer: Inelastic; decreased; $50
Step-by-step explanation:
Demand is considered Inelastic when a change in price does not correspond to a substantial change in quantity demanded as was the situation in the scenario.
The total Revenue decreased because originally it was,
= 16 * 200
= $3,200
After the price dropped it became,
= 14* 225
= $3,150
It DECREASED by $50.