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 2.4%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −2.4%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 4%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +4%
E =
3.Medium
QPD400€12.00350€14.00

When the price of a ticket changes from €12.00 to €14.00, weekly sales change from 400 to 350. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €14.00Q1 = 400Q2 = 350
E =
4.Medium
QPD1200€20.001340€16.00

When the price of a ticket changes from €20.00 to €16.00, weekly sales change from 1200 to 1340. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €16.00Q1 = 1200Q2 = 1340
E =
5.Hard
QPD16€24.00

The (inverse) demand for a product is P = 40 − 1Q, with P in euros. Find the price elasticity of demand E when 16 units are sold.

P = 40 − 1QQ = 16
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 800 − 20P, with P in euros. At which price P is total revenue as large as possible?

Q = 800 − 20P
P = €

Answer key

  1. 1. E = −0.2
  2. 2. E = −0.2
  3. 3. E = −0.8667
  4. 4. E = −0.4961
  5. 5. E = −1.5
  6. 6. P = 20 €

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