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 rises by 4%, the quantity demanded falls by 2.4%. Find the price elasticity of demand E.

%ΔP = +4%%ΔQ = −2.4%
E =
3.Medium
QPD1000€8.00880€8.50

When the price of a ticket changes from €8.00 to €8.50, weekly sales change from 1000 to 880. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €8.50Q1 = 1000Q2 = 880
E =
4.Medium
QPD1200€4.00600€6.50

When the price of a ticket changes from €4.00 to €6.50, weekly sales change from 1200 to 600. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €6.50Q1 = 1200Q2 = 600
E =
5.Hard
QPDQ€24

The demand for a product is Q = 600 − 20P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 600 − 20PP = €24
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 1000 − 50P
P = €

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.6
  3. 3. E = −2.106
  4. 4. E = −1.4
  5. 5. E = −4
  6. 6. P = 10 €

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