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 12.5%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −12.5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 25%, the quantity demanded rises by 10%. Find the price elasticity of demand E.

%ΔP = −25%%ΔQ = +10%
E =
3.Medium
QPD500€5.00600€4.50

When the price of a ticket changes from €5.00 to €4.50, weekly sales change from 500 to 600. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.50Q1 = 500Q2 = 600
E =
4.Medium
QPD400€15.00300€21.00

When the price of a ticket changes from €15.00 to €21.00, weekly sales change from 400 to 300. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €21.00Q1 = 400Q2 = 300
E =
5.Hard
QPDQ€40

The demand for a product is Q = 500 − 5P, with P in euros. Find the price elasticity of demand E at a price of €40.

Q = 500 − 5PP = €40
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 320 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 320 − 4P
P = €

Answer key

  1. 1. E = −0.5
  2. 2. E = −0.4
  3. 3. E = −1.727
  4. 4. E = −0.8571
  5. 5. E = −0.6667
  6. 6. P = 40 €

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