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
price−12%quantity demanded?%ΔQE = −0.8

The price elasticity of demand for a product is −0.8. The price is cut by 12%. By what percentage %ΔQ does the quantity demanded change?

E = −0.8%ΔP = −12%
%ΔQ = %
3.Medium
QPD500€2.00400€2.50

When the price of a ticket changes from €2.00 to €2.50, weekly sales change from 500 to 400. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €2.50Q1 = 500Q2 = 400
E =
4.Medium
QPD1200€40.001250€38.00

When the price of a ticket changes from €40.00 to €38.00, weekly sales change from 1200 to 1250. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €38.00Q1 = 1200Q2 = 1250
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 640 − 8P, with P in euros. At which price P is the price elasticity of demand equal to −1.5?

Q = 640 − 8PE = −1.5
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 160 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 160 − 4P
P = €

Answer key

  1. 1. E = −1.2
  2. 2. %ΔQ = 9.6 %
  3. 3. E = −1
  4. 4. E = −0.7959
  5. 5. P = 48 €
  6. 6. P = 20 €

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