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
price−8%quantity demanded?%ΔQE = −2

The price elasticity of demand for a product is −2. The price is cut by 8%. By what percentage %ΔQ does the quantity demanded change?

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

When the price of a product rises by 10%, the quantity demanded falls by 25%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −25%
E =
3.Medium
QPD500€8.00540€6.50

When the price of a ticket changes from €8.00 to €6.50, weekly sales change from 500 to 540. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €6.50Q1 = 500Q2 = 540
E =
4.Medium
QPD200€15.00170€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 200Q2 = 170
E =
5.Hard
QPD240€6.00

The (inverse) demand for a product is P = 30 − 0.1Q, with P in euros. Find the price elasticity of demand E when 240 units are sold.

P = 30 − 0.1QQ = 240
E =
6.Hard
QPD2 000€4Q = ?€3.00

Demand for a product has a constant price elasticity of −0.5, so Q = A·P^−0.5. At a price of €4, 2 000 units are sold. How many units Q are sold at a price of €3.00?

E = −0.5P1 = €4Q1 = 2 000P2 = €3.00
Q = units

Answer key

  1. 1. %ΔQ = 16 %
  2. 2. E = −2.5
  3. 3. E = −0.3718
  4. 4. E = −1.297
  5. 5. E = −0.25
  6. 6. Q = 2309 units

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