Toshiba America Electronic Components Inc. in Irvine, Calif., has reduced its work force in the wake of changing market conditions. The company laid off 50 employees nationwide. Toshiba made the layoffs in accordance with projected near-term revenues and to help streamline the business. A spokesman for the company said the free-falling prices of memory chips -- selling for about $40 only two years ago and now selling for about $7 -- had a large impact on sales revenues. A company spokesman said recovery lies months ahead and cannot be accomplished without personnel cuts. Besides memory chips, the company makes semiconductors, integrated circuits, liquid crystal displays and laser diodes.