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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Name: ____________________   Date: ____________

1.Easy
price−10%quantity demanded?%ΔQE = −1.2

The price elasticity of demand for a product is −1.2. The price is cut by 10%. By what percentage %ΔQ does the quantity demanded change?

E = −1.2%ΔP = −10%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 20%, the quantity demanded falls by 30%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −30%
E =
3.Medium
QPD200€4.00170€5.50

When the price of a ticket changes from €4.00 to €5.50, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €5.50Q1 = 200Q2 = 170
E =
4.Medium
QPD400€40.00360€50.00

When the price of a ticket changes from €40.00 to €50.00, weekly sales change from 400 to 360. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €50.00Q1 = 400Q2 = 360
E =
5.Hard
QPDQ€20

The demand for a product is Q = 800 − 8P, with P in euros. Find the price elasticity of demand E at a price of €20.

Q = 800 − 8PP = €20
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 1000 − 25P
P = €

Answer key

  1. 1. %ΔQ = 12 %
  2. 2. E = −1.5
  3. 3. E = −0.5135
  4. 4. E = −0.4737
  5. 5. E = −0.25
  6. 6. P = 20 €

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