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 12%, the quantity demanded falls by 14.4%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −14.4%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 30%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +30%
E =
3.Medium
QPD500€40.00490€42.00

When the price of a ticket changes from €40.00 to €42.00, weekly sales change from 500 to 490. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €42.00Q1 = 500Q2 = 490
E =
4.Medium
QPD1200€4.001800€3.00

When the price of a ticket changes from €4.00 to €3.00, weekly sales change from 1200 to 1800. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €3.00Q1 = 1200Q2 = 1800
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 750 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 750 − 25P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 300 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 300 − 5P
P = €

Answer key

  1. 1. E = −1.2
  2. 2. E = −1.5
  3. 3. E = −0.4141
  4. 4. E = −1.4
  5. 5. P = 15 €
  6. 6. P = 30 €

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