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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

1.Easy
price−5%quantity demanded?%ΔQE = −0.6

The price elasticity of demand for a product is −0.6. The price is cut by 5%. By what percentage %ΔQ does the quantity demanded change?

E = −0.6%ΔP = −5%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 20%, the quantity demanded falls by 10%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −10%
E =
3.Medium
QPD200€4.00220€3.00

When the price of a ticket changes from €4.00 to €3.00, weekly sales change from 200 to 220. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €3.00Q1 = 200Q2 = 220
E =
4.Medium
QPD1200€20.001130€22.00

When the price of a ticket changes from €20.00 to €22.00, weekly sales change from 1200 to 1130. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €22.00Q1 = 1200Q2 = 1130
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 200 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 200 − 10P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 80 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 80 − 4P
P = €

Answer key

  1. 1. %ΔQ = 3 %
  2. 2. E = −0.5
  3. 3. E = −0.3333
  4. 4. E = −0.6309
  5. 5. P = 10 €
  6. 6. P = 10 €

Full step-by-step solutions: practise this topic on examproblems.com.