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 30%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −30%
E =
2.Easy
price+10%quantity demanded?%ΔQE = −0.8

The price elasticity of demand for a product is −0.8. The price is raised by 10%. By what percentage %ΔQ does the quantity demanded change?

E = −0.8%ΔP = +10%
%ΔQ = %
3.Medium
QPD800€8.00840€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 800 to 840. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 800Q2 = 840
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 = 500 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 500 − 5P
P = €
6.Hard
QPDQ€4

The demand for a product is Q = 40 − 2P, with P in euros. Find the price elasticity of demand E at a price of €4.

Q = 40 − 2PP = €4
E =

Answer key

  1. 1. E = −2
  2. 2. %ΔQ = −8 %
  3. 3. E = −0.3659
  4. 4. E = −1
  5. 5. P = 50 €
  6. 6. E = −0.25

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