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 4%, the quantity demanded falls by 8%. Find the price elasticity of demand E.

%ΔP = +4%%ΔQ = −8%
E =
2.Easy
price+5%quantity demanded?%ΔQE = −0.4

The price elasticity of demand for a product is −0.4. The price is raised by 5%. By what percentage %ΔQ does the quantity demanded change?

E = −0.4%ΔP = +5%
%ΔQ = %
3.Medium
QPD200€25.00100€31.00

When the price of a ticket changes from €25.00 to €31.00, weekly sales change from 200 to 100. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €31.00Q1 = 200Q2 = 100
E =
4.Medium
QPD800€20.00510€26.00

When the price of a ticket changes from €20.00 to €26.00, weekly sales change from 800 to 510. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €26.00Q1 = 800Q2 = 510
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 100 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 100 − 2P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 800 − 20P, with P in euros. At which price P is total revenue as large as possible?

Q = 800 − 20P
P = €

Answer key

  1. 1. E = −2
  2. 2. %ΔQ = −2 %
  3. 3. E = −3.111
  4. 4. E = −1.697
  5. 5. P = 25 €
  6. 6. P = 20 €

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