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
QPDQ1​P1​Q2​P2​

When the price of a product falls by 15%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 25%, the quantity demanded rises by 15%. Find the price elasticity of demand E.

%ΔP = −25%%ΔQ = +15%
E =
3.Medium
QPD800€40.00850€34.00

When the price of a ticket changes from €40.00 to €34.00, weekly sales change from 800 to 850. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €34.00Q1 = 800Q2 = 850
E =
4.Medium
QPD200€12.00240€10.00

When the price of a ticket changes from €12.00 to €10.00, weekly sales change from 200 to 240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €10.00Q1 = 200Q2 = 240
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 1000 − 50P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 750 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 750 − 25P
P = €

Answer key

  1. 1. E = −0.8
  2. 2. E = −0.6
  3. 3. E = −0.3737
  4. 4. E = −1
  5. 5. P = 10 €
  6. 6. P = 15 €

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