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 25%, the quantity demanded falls by 20%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −20%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 10%, the quantity demanded rises by 6%. Find the price elasticity of demand E.

%ΔP = −10%%ΔQ = +6%
E =
3.Medium
QPD1000€12.00870€16.00

When the price of a ticket changes from €12.00 to €16.00, weekly sales change from 1000 to 870. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €16.00Q1 = 1000Q2 = 870
E =
4.Medium
QPD100€5.00110€4.00

When the price of a ticket changes from €5.00 to €4.00, weekly sales change from 100 to 110. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.00Q1 = 100Q2 = 110
E =
5.Hard
QPDQ€15

The demand for a product is Q = 80 − 4P, with P in euros. Find the price elasticity of demand E at a price of €15.

Q = 80 − 4PP = €15
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 500 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 500 − 5P
P = €

Answer key

  1. 1. E = −0.8
  2. 2. E = −0.6
  3. 3. E = −0.4866
  4. 4. E = −0.4286
  5. 5. E = −3
  6. 6. P = 50 €

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