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 3.2%. Find the price elasticity of demand E.

%ΔP = −8%%ΔQ = +3.2%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 40%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +40%
E =
3.Medium
QPD500€12.00750€2.00

When the price of a ticket changes from €12.00 to €2.00, weekly sales change from 500 to 750. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €2.00Q1 = 500Q2 = 750
E =
4.Medium
QPD200€15.00160€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 200 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 200Q2 = 160
E =
5.Hard
QPDQ€12

The demand for a product is Q = 80 − 4P, with P in euros. Find the price elasticity of demand E at a price of €12.

Q = 80 − 4PP = €12
E =
6.Hard
QPD5 000€8Q = ?€10.40

Demand for a product has a constant price elasticity of −1.5, so Q = A·P^−1.5. At a price of €8, 5 000 units are sold. How many units Q are sold at a price of €10.40?

E = −1.5P1 = €8Q1 = 5 000P2 = €10.40
Q = units

Answer key

  1. 1. E = −0.4
  2. 2. E = −2
  3. 3. E = −0.28
  4. 4. E = −1.778
  5. 5. E = −1.5
  6. 6. Q = 3373 units

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