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 falls by 15%, the quantity demanded rises by 22.5%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +22.5%
E =
2.Easy
ticket price+12%tickets per week?1 000 → QE = −2.5

A cinema sells 1 000 tickets per week. The price elasticity of demand is −2.5. If the ticket price rises by 12%, how many tickets Q will it sell per week?

Q1 = 1 000E = −2.5%ΔP = +12%
Q = tickets
3.Medium
QPD200€5.00180€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 200 to 180. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 200Q2 = 180
E =
4.Medium
QPD200€2.00290€0.50

When the price of a ticket changes from €2.00 to €0.50, weekly sales change from 200 to 290. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €0.50Q1 = 200Q2 = 290
E =
5.Hard
QPDQ€24

The demand for a product is Q = 160 − 4P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 160 − 4PP = €24
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 2000 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 2000 − 50P
P = €

Answer key

  1. 1. E = −1.5
  2. 2. Q = 700 tickets
  3. 3. E = −1.105
  4. 4. E = −0.3061
  5. 5. E = −1.5
  6. 6. P = 20 €

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