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

%ΔP = +20%%ΔQ = −30%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 18%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −18%
E =
3.Medium
QPD100€5.00120€2.50

When the price of a ticket changes from €5.00 to €2.50, weekly sales change from 100 to 120. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €2.50Q1 = 100Q2 = 120
E =
4.Medium
QPD200€2.00240€1.50

When the price of a ticket changes from €2.00 to €1.50, weekly sales change from 200 to 240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €1.50Q1 = 200Q2 = 240
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 5000 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 5000 − 50P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 2500 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 2500 − 25P
P = €

Answer key

  1. 1. E = −1.5
  2. 2. E = −1.2
  3. 3. E = −0.2727
  4. 4. E = −0.6364
  5. 5. P = 50 €
  6. 6. P = 50 €

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