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 rises by 25%, the quantity demanded falls by 5%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 4%, the quantity demanded falls by 4.8%. Find the price elasticity of demand E.

%ΔP = +4%%ΔQ = −4.8%
E =
3.Medium
QPD100€15.00130€13.00

When the price of a ticket changes from €15.00 to €13.00, weekly sales change from 100 to 130. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €13.00Q1 = 100Q2 = 130
E =
4.Medium
QPD800€10.00160€20.00

When the price of a ticket changes from €10.00 to €20.00, weekly sales change from 800 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €20.00Q1 = 800Q2 = 160
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 60 − 2P, with P in euros. At which price P is the price elasticity of demand equal to −0.25?

Q = 60 − 2PE = −0.25
P = €
6.Hard
QPD8 000€25Q = ?€35.00

Demand for a product has a constant price elasticity of −2, so Q = A·P^−2. At a price of €25, 8 000 units are sold. How many units Q are sold at a price of €35.00?

E = −2P1 = €25Q1 = 8 000P2 = €35.00
Q = units

Answer key

  1. 1. E = −0.2
  2. 2. E = −1.2
  3. 3. E = −1.826
  4. 4. E = −2
  5. 5. P = 6 €
  6. 6. Q = 4082 units

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