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 rises by 10%, the quantity demanded falls by 6%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 4%, the quantity demanded falls by 2.4%. Find the price elasticity of demand E.

%ΔP = +4%%ΔQ = −2.4%
E =
3.Medium
QPD1200€15.001100€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 1200 to 1100. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 1200Q2 = 1100
E =
4.Medium
QPD100€40.00110€38.00

When the price of a ticket changes from €40.00 to €38.00, weekly sales change from 100 to 110. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €38.00Q1 = 100Q2 = 110
E =
5.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 = €
6.Hard
QPDQ€28

The demand for a product is Q = 160 − 4P, with P in euros. Find the price elasticity of demand E at a price of €28.

Q = 160 − 4PP = €28
E =

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.6
  3. 3. E = −0.6957
  4. 4. E = −1.857
  5. 5. P = 50 €
  6. 6. E = −2.333

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