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+4%tickets per week?2 000 → QE = −1.2

A cinema sells 2 000 tickets per week. The price elasticity of demand is −1.2. If the ticket price rises by 4%, how many tickets Q will it sell per week?

Q1 = 2 000E = −1.2%ΔP = +4%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 25%, the quantity demanded rises by 12.5%. Find the price elasticity of demand E.

%ΔP = −25%%ΔQ = +12.5%
E =
3.Medium
QPD200€10.00170€12.00

When the price of a ticket changes from €10.00 to €12.00, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €12.00Q1 = 200Q2 = 170
E =
4.Medium
QPD200€4.00160€5.00

When the price of a ticket changes from €4.00 to €5.00, weekly sales change from 200 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €5.00Q1 = 200Q2 = 160
E =
5.Hard
QPD2 000€10Q = ?€7.00

Demand for a product has a constant price elasticity of −1.2, so Q = A·P^−1.2. At a price of €10, 2 000 units are sold. How many units Q are sold at a price of €7.00?

E = −1.2P1 = €10Q1 = 2 000P2 = €7.00
Q = units
6.Hard
QPDQ€10

The demand for a product is Q = 500 − 10P, with P in euros. Find the price elasticity of demand E at a price of €10.

Q = 500 − 10PP = €10
E =

Answer key

  1. 1. Q = 1904 tickets
  2. 2. E = −0.5
  3. 3. E = −0.8919
  4. 4. E = −1
  5. 5. Q = 3068 units
  6. 6. E = −0.25

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