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
price+15%quantity demanded?%ΔQE = −0.6

The price elasticity of demand for a product is −0.6. The price is raised by 15%. By what percentage %ΔQ does the quantity demanded change?

E = −0.6%ΔP = +15%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 2.4%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +2.4%
E =
3.Medium
QPD100€12.0090€16.00

When the price of a ticket changes from €12.00 to €16.00, weekly sales change from 100 to 90. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €16.00Q1 = 100Q2 = 90
E =
4.Medium
QPD1000€8.00810€10.50

When the price of a ticket changes from €8.00 to €10.50, weekly sales change from 1000 to 810. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €10.50Q1 = 1000Q2 = 810
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 400 − 20P, with P in euros. At which price P is the price elasticity of demand equal to −1.5?

Q = 400 − 20PE = −1.5
P = €
6.Hard
QPDQP = ?

The demand for a product is Q = 400 − 20P, with P in euros. At which price P is total revenue as large as possible?

Q = 400 − 20P
P = €

Answer key

  1. 1. %ΔQ = −9 %
  2. 2. E = −0.6
  3. 3. E = −0.3684
  4. 4. E = −0.7768
  5. 5. P = 12 €
  6. 6. P = 10 €

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