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 12%, the quantity demanded falls by 4.8%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −4.8%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 15%, the quantity demanded rises by 37.5%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +37.5%
E =
3.Medium
QPD500€12.00530€10.00

When the price of a ticket changes from €12.00 to €10.00, weekly sales change from 500 to 530. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €10.00Q1 = 500Q2 = 530
E =
4.Medium
QPD1000€20.001240€16.00

When the price of a ticket changes from €20.00 to €16.00, weekly sales change from 1000 to 1240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €16.00Q1 = 1000Q2 = 1240
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 500 − 10P, with P in euros. At which price P is total revenue as large as possible?

Q = 500 − 10P
P = €
6.Hard
QPDQ€16

The demand for a product is Q = 4000 − 50P, with P in euros. Find the price elasticity of demand E at a price of €16.

Q = 4000 − 50PP = €16
E =

Answer key

  1. 1. E = −0.4
  2. 2. E = −2.5
  3. 3. E = −0.3204
  4. 4. E = −0.9643
  5. 5. P = 25 €
  6. 6. E = −0.25

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