Price elasticity of demand worksheet with answers

Free printable Price elasticity of demand worksheet: 6 problems from easy to exam level, with an answer key. Print it or save it as a PDF.

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1.Easy
ticket price+15%tickets per week?5 000 → QE = −2

A cinema sells 5 000 tickets per week. The price elasticity of demand is −2. If the ticket price rises by 15%, how many tickets Q will it sell per week?

Q1 = 5 000E = −2%ΔP = +15%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 10%, the quantity demanded falls by 6%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −6%
E =
3.Medium
QPD800€20.00740€22.00

When the price of a ticket changes from €20.00 to €22.00, weekly sales change from 800 to 740. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €22.00Q1 = 800Q2 = 740
E =
4.Medium
QPD1000€15.00520€21.00

When the price of a ticket changes from €15.00 to €21.00, weekly sales change from 1000 to 520. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €21.00Q1 = 1000Q2 = 520
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 480 − 8P, with P in euros. At which price P is total revenue as large as possible?

Q = 480 − 8P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 1500 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 1500 − 50P
P = €

Answer key

  1. 1. Q = 3500 tickets
  2. 2. E = −0.6
  3. 3. E = −0.8182
  4. 4. E = −1.895
  5. 5. P = 30 €
  6. 6. P = 15 €

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