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 rises by 25%, the quantity demanded falls by 10%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −10%
E =
2.Easy
ticket price+5%tickets per week?5 000 → QE = −0.8

A cinema sells 5 000 tickets per week. The price elasticity of demand is −0.8. If the ticket price rises by 5%, how many tickets Q will it sell per week?

Q1 = 5 000E = −0.8%ΔP = +5%
Q = tickets
3.Medium
QPD500€15.00300€25.00

When the price of a ticket changes from €15.00 to €25.00, weekly sales change from 500 to 300. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €25.00Q1 = 500Q2 = 300
E =
4.Medium
QPD500€5.00900€2.50

When the price of a ticket changes from €5.00 to €2.50, weekly sales change from 500 to 900. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €2.50Q1 = 500Q2 = 900
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 160 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 160 − 4P
P = €
6.Hard
QPD12€48.00

The (inverse) demand for a product is P = 60 − 1Q, with P in euros. Find the price elasticity of demand E when 12 units are sold.

P = 60 − 1QQ = 12
E =

Answer key

  1. 1. E = −0.4
  2. 2. Q = 4800 tickets
  3. 3. E = −1
  4. 4. E = −0.8571
  5. 5. P = 20 €
  6. 6. E = −4

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