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 5%, the quantity demanded falls by 10%. Find the price elasticity of demand E.

%ΔP = +5%%ΔQ = −10%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 37.5%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −37.5%
E =
3.Medium
QPD800€20.00700€26.00

When the price of a ticket changes from €20.00 to €26.00, weekly sales change from 800 to 700. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €26.00Q1 = 800Q2 = 700
E =
4.Medium
QPD200€40.00190€44.00

When the price of a ticket changes from €40.00 to €44.00, weekly sales change from 200 to 190. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €44.00Q1 = 200Q2 = 190
E =
5.Hard
QPD120€40.00

The (inverse) demand for a product is P = 100 − 0.5Q, with P in euros. Find the price elasticity of demand E when 120 units are sold.

P = 100 − 0.5QQ = 120
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 40 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 40 − 2P
P = €

Answer key

  1. 1. E = −2
  2. 2. E = −2.5
  3. 3. E = −0.5111
  4. 4. E = −0.5385
  5. 5. E = −0.6667
  6. 6. P = 10 €

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