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 5%, the quantity demanded falls by 7.5%. Find the price elasticity of demand E.

%ΔP = +5%%ΔQ = −7.5%
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
QPD400€5.00380€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 400 to 380. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 400Q2 = 380
E =
4.Medium
QPD400€8.00420€7.50

When the price of a ticket changes from €8.00 to €7.50, weekly sales change from 400 to 420. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.50Q1 = 400Q2 = 420
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 400 − 20P, with P in euros. At which price P is total revenue as large as possible?

Q = 400 − 20P
P = €
6.Hard
QPDQ€75

The demand for a product is Q = 500 − 5P, with P in euros. Find the price elasticity of demand E at a price of €75.

Q = 500 − 5PP = €75
E =

Answer key

  1. 1. E = −1.5
  2. 2. E = −1.5
  3. 3. E = −0.5385
  4. 4. E = −0.7561
  5. 5. P = 10 €
  6. 6. E = −3

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