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 10%, the quantity demanded rises by 4%. Find the price elasticity of demand E.

%ΔP = −10%%ΔQ = +4%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 25%, the quantity demanded rises by 15%. Find the price elasticity of demand E.

%ΔP = −25%%ΔQ = +15%
E =
3.Medium
QPD100€2.0040€3.00

When the price of a ticket changes from €2.00 to €3.00, weekly sales change from 100 to 40. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €3.00Q1 = 100Q2 = 40
E =
4.Medium
QPD800€40.00660€46.00

When the price of a ticket changes from €40.00 to €46.00, weekly sales change from 800 to 660. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €46.00Q1 = 800Q2 = 660
E =
5.Hard
QPDQ€36

The demand for a product is Q = 1500 − 25P, with P in euros. Find the price elasticity of demand E at a price of €36.

Q = 1500 − 25PP = €36
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 600 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 600 − 10P
P = €

Answer key

  1. 1. E = −0.4
  2. 2. E = −0.6
  3. 3. E = −2.143
  4. 4. E = −1.374
  5. 5. E = −1.5
  6. 6. P = 30 €

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