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
ticket price+10%tickets per week?200 → QE = −0.5

A cinema sells 200 tickets per week. The price elasticity of demand is −0.5. If the ticket price rises by 10%, how many tickets Q will it sell per week?

Q1 = 200E = −0.5%ΔP = +10%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 8%, the quantity demanded falls by 12%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −12%
E =
3.Medium
QPD200€20.00120€30.00

When the price of a ticket changes from €20.00 to €30.00, weekly sales change from 200 to 120. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €30.00Q1 = 200Q2 = 120
E =
4.Medium
QPD1000€20.001200€18.00

When the price of a ticket changes from €20.00 to €18.00, weekly sales change from 1000 to 1200. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €18.00Q1 = 1000Q2 = 1200
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 400 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 400 − 10P
P = €
6.Hard
QPD5 000€20Q = ?€25.00

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €20, 5 000 units are sold. How many units Q are sold at a price of €25.00?

E = −3P1 = €20Q1 = 5 000P2 = €25.00
Q = units

Answer key

  1. 1. Q = 190 tickets
  2. 2. E = −1.5
  3. 3. E = −1.25
  4. 4. E = −1.727
  5. 5. P = 20 €
  6. 6. Q = 2560 units

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