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 20%, the quantity demanded falls by 4%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −4%
E =
2.Easy
ticket price+12%tickets per week?5 000 → QE = −0.4

A cinema sells 5 000 tickets per week. The price elasticity of demand is −0.4. If the ticket price rises by 12%, how many tickets Q will it sell per week?

Q1 = 5 000E = −0.4%ΔP = +12%
Q = tickets
3.Medium
QPD1200€15.00560€25.00

When the price of a ticket changes from €15.00 to €25.00, weekly sales change from 1200 to 560. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €25.00Q1 = 1200Q2 = 560
E =
4.Medium
QPD100€5.00110€4.50

When the price of a ticket changes from €5.00 to €4.50, weekly sales change from 100 to 110. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.50Q1 = 100Q2 = 110
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 320 − 4P, with P in euros. At which price P is total revenue as large as possible?

Q = 320 − 4P
P = €
6.Hard
QPD3600€84.00

The (inverse) demand for a product is P = 120 − 0.01Q, with P in euros. Find the price elasticity of demand E when 3 600 units are sold.

P = 120 − 0.01QQ = 3 600
E =

Answer key

  1. 1. E = −0.2
  2. 2. Q = 4760 tickets
  3. 3. E = −1.455
  4. 4. E = −0.9048
  5. 5. P = 40 €
  6. 6. E = −2.333

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