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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Name: ____________________   Date: ____________

1.Easy
price+10%quantity demanded?%ΔQE = −1.2

The price elasticity of demand for a product is −1.2. The price is raised by 10%. By what percentage %ΔQ does the quantity demanded change?

E = −1.2%ΔP = +10%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 30%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +30%
E =
3.Medium
QPD500€5.00580€4.00

When the price of a ticket changes from €5.00 to €4.00, weekly sales change from 500 to 580. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.00Q1 = 500Q2 = 580
E =
4.Medium
QPD400€5.00340€6.00

When the price of a ticket changes from €5.00 to €6.00, weekly sales change from 400 to 340. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.00Q1 = 400Q2 = 340
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 500 − 10P, with P in euros. At which price P is the price elasticity of demand equal to −0.5?

Q = 500 − 10PE = −0.5
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 200 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 200 − 10P
P = €

Answer key

  1. 1. %ΔQ = −12 %
  2. 2. E = −1.5
  3. 3. E = −0.6667
  4. 4. E = −0.8919
  5. 5. P = 16.67 €
  6. 6. P = 10 €

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