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 6%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +6%
E =
2.Easy
ticket price+8%tickets per week?400 → QE = −1.2

A cinema sells 400 tickets per week. The price elasticity of demand is −1.2. If the ticket price rises by 8%, how many tickets Q will it sell per week?

Q1 = 400E = −1.2%ΔP = +8%
Q = tickets
3.Medium
QPD1000€20.001040€18.00

When the price of a ticket changes from €20.00 to €18.00, weekly sales change from 1000 to 1040. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €18.00Q1 = 1000Q2 = 1040
E =
4.Medium
QPD100€12.0090€14.00

When the price of a ticket changes from €12.00 to €14.00, weekly sales change from 100 to 90. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €14.00Q1 = 100Q2 = 90
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 40 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 40 − 2P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 160 − 2P, with P in euros. At which price P is total revenue as large as possible?

Q = 160 − 2P
P = €

Answer key

  1. 1. E = −0.4
  2. 2. Q = 361.6 tickets
  3. 3. E = −0.3725
  4. 4. E = −0.6842
  5. 5. P = 10 €
  6. 6. P = 40 €

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