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 18%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +18%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 18%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +18%
E =
3.Medium
QPD500€15.00580€13.00

When the price of a ticket changes from €15.00 to €13.00, weekly sales change from 500 to 580. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €13.00Q1 = 500Q2 = 580
E =
4.Medium
QPD1200€10.0050€16.00

When the price of a ticket changes from €10.00 to €16.00, weekly sales change from 1200 to 50. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €16.00Q1 = 1200Q2 = 50
E =
5.Hard
QPD1 000€8Q = ?€8.80

Demand for a product has a constant price elasticity of −1.5, so Q = A·P^−1.5. At a price of €8, 1 000 units are sold. How many units Q are sold at a price of €8.80?

E = −1.5P1 = €8Q1 = 1 000P2 = €8.80
Q = units
6.Hard
QPDQ€60

The demand for a product is Q = 200 − 2P, with P in euros. Find the price elasticity of demand E at a price of €60.

Q = 200 − 2PP = €60
E =

Answer key

  1. 1. E = −1.2
  2. 2. E = −1.5
  3. 3. E = −1.037
  4. 4. E = −3.987
  5. 5. Q = 866.8 units
  6. 6. E = −1.5

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