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 8%, the quantity demanded falls by 1.6%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −1.6%
E =
2.Easy
price−4%quantity demanded?%ΔQE = −0.3

The price elasticity of demand for a product is −0.3. The price is cut by 4%. By what percentage %ΔQ does the quantity demanded change?

E = −0.3%ΔP = −4%
%ΔQ = %
3.Medium
QPD500€20.00600€10.00

When the price of a ticket changes from €20.00 to €10.00, weekly sales change from 500 to 600. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €10.00Q1 = 500Q2 = 600
E =
4.Medium
QPD100€8.00110€5.50

When the price of a ticket changes from €8.00 to €5.50, weekly sales change from 100 to 110. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €5.50Q1 = 100Q2 = 110
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 25P, with P in euros. At which price P is the price elasticity of demand equal to −0.5?

Q = 1000 − 25PE = −0.5
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 2500 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 2500 − 25P
P = €

Answer key

  1. 1. E = −0.2
  2. 2. %ΔQ = 1.2 %
  3. 3. E = −0.2727
  4. 4. E = −0.2571
  5. 5. P = 13.33 €
  6. 6. P = 50 €

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