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 8%, the quantity demanded rises by 9.6%. Find the price elasticity of demand E.

%ΔP = −8%%ΔQ = +9.6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 7.5%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −7.5%
E =
3.Medium
QPD400€5.00160€6.50

When the price of a ticket changes from €5.00 to €6.50, weekly sales change from 400 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.50Q1 = 400Q2 = 160
E =
4.Medium
QPD1000€20.00960€22.00

When the price of a ticket changes from €20.00 to €22.00, weekly sales change from 1000 to 960. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €22.00Q1 = 1000Q2 = 960
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 4000 − 50P, with P in euros. At which price P is total revenue as large as possible?

Q = 4000 − 50P
P = €
6.Hard
QPDQ€12

The demand for a product is Q = 200 − 5P, with P in euros. Find the price elasticity of demand E at a price of €12.

Q = 200 − 5PP = €12
E =

Answer key

  1. 1. E = −1.2
  2. 2. E = −0.5
  3. 3. E = −3.286
  4. 4. E = −0.4286
  5. 5. P = 40 €
  6. 6. E = −0.4286

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