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 20%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 37.5%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −37.5%
E =
3.Medium
QPD800€10.00610€14.00

When the price of a ticket changes from €10.00 to €14.00, weekly sales change from 800 to 610. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €14.00Q1 = 800Q2 = 610
E =
4.Medium
QPD800€10.00510€16.00

When the price of a ticket changes from €10.00 to €16.00, weekly sales change from 800 to 510. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €16.00Q1 = 800Q2 = 510
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 120 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 120 − 4P
P = €
6.Hard
QPDQ€60

The demand for a product is Q = 320 − 4P, with P in euros. Find the price elasticity of demand E at a price of €60.

Q = 320 − 4PP = €60
E =

Answer key

  1. 1. E = −0.6
  2. 2. E = −2.5
  3. 3. E = −0.8085
  4. 4. E = −0.9593
  5. 5. P = 15 €
  6. 6. E = −3

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