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

%ΔP = −20%%ΔQ = +30%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 8%, the quantity demanded falls by 20%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −20%
E =
3.Medium
QPD200€10.0080€20.00

When the price of a ticket changes from €10.00 to €20.00, weekly sales change from 200 to 80. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €20.00Q1 = 200Q2 = 80
E =
4.Medium
QPD1000€8.001200€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 1000 to 1200. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 1000Q2 = 1200
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 250 − 5P, with P in euros. At which price P is total revenue as large as possible?

Q = 250 − 5P
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 200 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 200 − 10P
P = €

Answer key

  1. 1. E = −1.5
  2. 2. E = −2.5
  3. 3. E = −1.286
  4. 4. E = −1.364
  5. 5. P = 25 €
  6. 6. P = 10 €

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