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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

1.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 5%, the quantity demanded falls by 2.5%. Find the price elasticity of demand E.

%ΔP = +5%%ΔQ = −2.5%
E =
2.Easy
price+10%quantity demanded?%ΔQE = −0.4

The price elasticity of demand for a product is −0.4. The price is raised by 10%. By what percentage %ΔQ does the quantity demanded change?

E = −0.4%ΔP = +10%
%ΔQ = %
3.Medium
QPD500€40.00520€38.00

When the price of a ticket changes from €40.00 to €38.00, weekly sales change from 500 to 520. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €38.00Q1 = 500Q2 = 520
E =
4.Medium
QPD400€12.00270€14.00

When the price of a ticket changes from €12.00 to €14.00, weekly sales change from 400 to 270. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €14.00Q1 = 400Q2 = 270
E =
5.Hard
QPDQ€40

The demand for a product is Q = 2000 − 20P, with P in euros. Find the price elasticity of demand E at a price of €40.

Q = 2000 − 20PP = €40
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 400 − 8P, with P in euros. At which price P is the price elasticity of demand equal to −2?

Q = 400 − 8PE = −2
P = €

Answer key

  1. 1. E = −0.5
  2. 2. %ΔQ = −4 %
  3. 3. E = −0.7647
  4. 4. E = −2.522
  5. 5. E = −0.6667
  6. 6. P = 33.33 €

Full step-by-step solutions: practise this topic on examproblems.com.