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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

1.Easy
ticket price−12%tickets per week?5 000 → QE = −1.5

A cinema sells 5 000 tickets per week. The price elasticity of demand is −1.5. If the ticket price is cut by 12%, how many tickets Q will it sell per week?

Q1 = 5 000E = −1.5%ΔP = −12%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

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

%ΔP = −20%%ΔQ = +30%
E =
3.Medium
QPD800€20.00640€22.00

When the price of a ticket changes from €20.00 to €22.00, weekly sales change from 800 to 640. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €22.00Q1 = 800Q2 = 640
E =
4.Medium
QPD400€40.00460€36.00

When the price of a ticket changes from €40.00 to €36.00, weekly sales change from 400 to 460. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €36.00Q1 = 400Q2 = 460
E =
5.Hard
QPDQ€24

The demand for a product is Q = 150 − 5P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 150 − 5PP = €24
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 60 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 60 − 2P
P = €

Answer key

  1. 1. Q = 5900 tickets
  2. 2. E = −1.5
  3. 3. E = −2.333
  4. 4. E = −1.326
  5. 5. E = −4
  6. 6. P = 15 €

Full step-by-step solutions: practise this topic on examproblems.com.