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

%ΔP = +15%%ΔQ = −18%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 2.4%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +2.4%
E =
3.Medium
QPD500€2.00400€2.50

When the price of a ticket changes from €2.00 to €2.50, weekly sales change from 500 to 400. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €2.50Q1 = 500Q2 = 400
E =
4.Medium
QPD800€25.00420€35.00

When the price of a ticket changes from €25.00 to €35.00, weekly sales change from 800 to 420. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €35.00Q1 = 800Q2 = 420
E =
5.Hard
QPDQ€64

The demand for a product is Q = 320 − 4P, with P in euros. Find the price elasticity of demand E at a price of €64.

Q = 320 − 4PP = €64
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 400 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 400 − 4P
P = €

Answer key

  1. 1. E = −1.2
  2. 2. E = −0.2
  3. 3. E = −1
  4. 4. E = −1.869
  5. 5. E = −4
  6. 6. P = 50 €

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