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 10%, the quantity demanded falls by 6%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 3.2%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +3.2%
E =
3.Medium
QPD100€8.00130€5.50

When the price of a ticket changes from €8.00 to €5.50, weekly sales change from 100 to 130. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €5.50Q1 = 100Q2 = 130
E =
4.Medium
QPD800€5.00750€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 800 to 750. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 800Q2 = 750
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 500 − 25P, with P in euros. At which price P is the price elasticity of demand equal to −3?

Q = 500 − 25PE = −3
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 400 − 8P, with P in euros. At which price P is total revenue as large as possible?

Q = 400 − 8P
P = €

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.8
  3. 3. E = −0.7043
  4. 4. E = −0.6774
  5. 5. P = 15 €
  6. 6. P = 25 €

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