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 8%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −8%%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
QPD200€5.00140€7.50

When the price of a ticket changes from €5.00 to €7.50, weekly sales change from 200 to 140. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €7.50Q1 = 200Q2 = 140
E =
4.Medium
QPD800€15.001060€9.00

When the price of a ticket changes from €15.00 to €9.00, weekly sales change from 800 to 1060. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €9.00Q1 = 800Q2 = 1060
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 320 − 4P, with P in euros. At which price P is the price elasticity of demand equal to −0.25?

Q = 320 − 4PE = −0.25
P = €
6.Hard
QPD8 000€8Q = ?€6.00

Demand for a product has a constant price elasticity of −0.5, so Q = A·P^−0.5. At a price of €8, 8 000 units are sold. How many units Q are sold at a price of €6.00?

E = −0.5P1 = €8Q1 = 8 000P2 = €6.00
Q = units

Answer key

  1. 1. E = −1.5
  2. 2. E = −0.2
  3. 3. E = −0.8824
  4. 4. E = −0.5591
  5. 5. P = 16 €
  6. 6. Q = 9238 units

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