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
ticket price+10%tickets per week?1 000 → QE = −0.4

A cinema sells 1 000 tickets per week. The price elasticity of demand is −0.4. If the ticket price rises by 10%, how many tickets Q will it sell per week?

Q1 = 1 000E = −0.4%ΔP = +10%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 4.8%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +4.8%
E =
3.Medium
QPD100€25.0090€27.00

When the price of a ticket changes from €25.00 to €27.00, weekly sales change from 100 to 90. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €27.00Q1 = 100Q2 = 90
E =
4.Medium
QPD800€25.00880€23.00

When the price of a ticket changes from €25.00 to €23.00, weekly sales change from 800 to 880. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €23.00Q1 = 800Q2 = 880
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 500 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 500 − 5P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 2500 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 2500 − 25P
P = €

Answer key

  1. 1. Q = 960 tickets
  2. 2. E = −0.4
  3. 3. E = −1.368
  4. 4. E = −1.143
  5. 5. P = 50 €
  6. 6. P = 50 €

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