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 15%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 2.4%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +2.4%
E =
3.Medium
QPD500€4.00600€3.00

When the price of a ticket changes from €4.00 to €3.00, weekly sales change from 500 to 600. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €3.00Q1 = 500Q2 = 600
E =
4.Medium
QPD100€25.0080€35.00

When the price of a ticket changes from €25.00 to €35.00, weekly sales change from 100 to 80. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €35.00Q1 = 100Q2 = 80
E =
5.Hard
QPD10 000€20Q = ?€12.00

Demand for a product has a constant price elasticity of −2, so Q = A·P^−2. At a price of €20, 10 000 units are sold. How many units Q are sold at a price of €12.00?

E = −2P1 = €20Q1 = 10 000P2 = €12.00
Q = units
6.Hard
QPDQ€30

The demand for a product is Q = 2000 − 50P, with P in euros. Find the price elasticity of demand E at a price of €30.

Q = 2000 − 50PP = €30
E =

Answer key

  1. 1. E = −0.8
  2. 2. E = −0.2
  3. 3. E = −0.6364
  4. 4. E = −0.6667
  5. 5. Q = 27778 units
  6. 6. E = −3

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