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 4%, the quantity demanded rises by 1.6%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +1.6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 10%, the quantity demanded rises by 2%. Find the price elasticity of demand E.

%ΔP = −10%%ΔQ = +2%
E =
3.Medium
QPD800€40.00850€38.00

When the price of a ticket changes from €40.00 to €38.00, weekly sales change from 800 to 850. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €38.00Q1 = 800Q2 = 850
E =
4.Medium
QPD200€2.00160€2.50

When the price of a ticket changes from €2.00 to €2.50, weekly sales change from 200 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €2.50Q1 = 200Q2 = 160
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 2500 − 25P, with P in euros. At which price P is total revenue as large as possible?

Q = 2500 − 25P
P = €
6.Hard
QPDQ€60

The demand for a product is Q = 4000 − 50P, with P in euros. Find the price elasticity of demand E at a price of €60.

Q = 4000 − 50PP = €60
E =

Answer key

  1. 1. E = −0.4
  2. 2. E = −0.2
  3. 3. E = −1.182
  4. 4. E = −1
  5. 5. P = 50 €
  6. 6. E = −3

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