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
ticket price+5%tickets per week?1 000 → QE = −0.4

A cinema sells 1 000 tickets per week. The price elasticity of demand is −0.4. If the ticket price rises by 5%, how many tickets Q will it sell per week?

Q1 = 1 000E = −0.4%ΔP = +5%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 50%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +50%
E =
3.Medium
QPD1000€8.00380€10.50

When the price of a ticket changes from €8.00 to €10.50, weekly sales change from 1000 to 380. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €10.50Q1 = 1000Q2 = 380
E =
4.Medium
QPD1000€5.00920€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 1000 to 920. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 1000Q2 = 920
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 1250 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 1250 − 25P
P = €
6.Hard
QPDQ€16

The demand for a product is Q = 160 − 2P, with P in euros. Find the price elasticity of demand E at a price of €16.

Q = 160 − 2PP = €16
E =

Answer key

  1. 1. Q = 980 tickets
  2. 2. E = −2.5
  3. 3. E = −3.325
  4. 4. E = −0.875
  5. 5. P = 25 €
  6. 6. E = −0.25

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