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
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 3.2%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +3.2%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 22.5%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −22.5%
E =
3.Medium
QPD1000€20.00940€22.00

When the price of a ticket changes from €20.00 to €22.00, weekly sales change from 1000 to 940. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €22.00Q1 = 1000Q2 = 940
E =
4.Medium
QPD200€8.00230€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 200 to 230. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 200Q2 = 230
E =
5.Hard
QPDQ€8

The demand for a product is Q = 200 − 5P, with P in euros. Find the price elasticity of demand E at a price of €8.

Q = 200 − 5PP = €8
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 200 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 200 − 2P
P = €

Answer key

  1. 1. E = −0.8
  2. 2. E = −1.5
  3. 3. E = −0.6495
  4. 4. E = −1.047
  5. 5. E = −0.25
  6. 6. P = 50 €

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