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+5%quantity demanded?%ΔQE = −0.3

The price elasticity of demand for a product is −0.3. The price is raised by 5%. By what percentage %ΔQ does the quantity demanded change?

E = −0.3%ΔP = +5%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 25%, the quantity demanded falls by 37.5%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −37.5%
E =
3.Medium
QPD500€25.00660€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 500 to 660. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 500Q2 = 660
E =
4.Medium
QPD800€40.00610€46.00

When the price of a ticket changes from €40.00 to €46.00, weekly sales change from 800 to 610. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €46.00Q1 = 800Q2 = 610
E =
5.Hard
QPD18€14.00

The (inverse) demand for a product is P = 50 − 2Q, with P in euros. Find the price elasticity of demand E when 18 units are sold.

P = 50 − 2QQ = 18
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 1000 − 10P
P = €

Answer key

  1. 1. %ΔQ = −1.5 %
  2. 2. E = −1.5
  3. 3. E = −0.5517
  4. 4. E = −1.931
  5. 5. E = −0.3889
  6. 6. P = 50 €

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