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 62.5%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −62.5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 6%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +6%
E =
3.Medium
QPD200€8.00240€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 200 to 240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 200Q2 = 240
E =
4.Medium
QPD1200€20.001630€14.00

When the price of a ticket changes from €20.00 to €14.00, weekly sales change from 1200 to 1630. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €14.00Q1 = 1200Q2 = 1630
E =
5.Hard
QPD42€9.00

The (inverse) demand for a product is P = 30 − 0.5Q, with P in euros. Find the price elasticity of demand E when 42 units are sold.

P = 30 − 0.5QQ = 42
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 300 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 300 − 5P
P = €

Answer key

  1. 1. E = −2.5
  2. 2. E = −0.5
  3. 3. E = −1.364
  4. 4. E = −0.861
  5. 5. E = −0.4286
  6. 6. P = 30 €

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