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 falls by 15%, the quantity demanded rises by 9%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +9%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 12%, the quantity demanded falls by 18%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −18%
E =
3.Medium
QPD1000€8.001230€6.50

When the price of a ticket changes from €8.00 to €6.50, weekly sales change from 1000 to 1230. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €6.50Q1 = 1000Q2 = 1230
E =
4.Medium
QPD800€5.001180€3.50

When the price of a ticket changes from €5.00 to €3.50, weekly sales change from 800 to 1180. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €3.50Q1 = 800Q2 = 1180
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 300 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 300 − 5P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 160 − 2P, with P in euros. At which price P is the price elasticity of demand equal to −3?

Q = 160 − 2PE = −3
P = €

Answer key

  1. 1. E = −0.6
  2. 2. E = −1.5
  3. 3. E = −0.997
  4. 4. E = −1.088
  5. 5. P = 30 €
  6. 6. P = 60 €

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