Elasticity of Demand Worksheet Use the formula above to calculate values of price elasticity of demand for all the situations below. Make sure to show your calculations. Price Quantity Revenue Initial New Initial New % change in quantity demanded % change in price Elasticity of Demand Initial New 30 35 90 30 50 80 110 80 210 230 70 54 PRICE ELASTICITY OF DEMAND % change in Q demand % change in price PERCENTAGE CHANGE new number-old number X 100 average Revenue Price X Quantity

60 85 140 125

In each case identify whether you would describe it as elastic / unit elastic / inelastic 1. 2. 3. 4. Has revenue increased or decreased in each case? 1. 2. 3. 4