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
ticket price−10%tickets per week?200 → QE = −1.5

A cinema sells 200 tickets per week. The price elasticity of demand is −1.5. If the ticket price is cut by 10%, how many tickets Q will it sell per week?

Q1 = 200E = −1.5%ΔP = −10%
Q = tickets
2.Easy
price+12%quantity demanded?%ΔQE = −0.8

The price elasticity of demand for a product is −0.8. The price is raised by 12%. By what percentage %ΔQ does the quantity demanded change?

E = −0.8%ΔP = +12%
%ΔQ = %
3.Medium
QPD400€12.00640€6.00

When the price of a ticket changes from €12.00 to €6.00, weekly sales change from 400 to 640. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €6.00Q1 = 400Q2 = 640
E =
4.Medium
QPD800€5.001180€3.50

When the price of a ticket changes from €5.00 to €3.50, weekly sales change from 800 to 1180. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €3.50Q1 = 800Q2 = 1180
E =
5.Hard
QPDQ€10

The demand for a product is Q = 1000 − 20P, with P in euros. Find the price elasticity of demand E at a price of €10.

Q = 1000 − 20PP = €10
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 240 − 4P, with P in euros. At which price P is the price elasticity of demand equal to −3?

Q = 240 − 4PE = −3
P = €

Answer key

  1. 1. Q = 230 tickets
  2. 2. %ΔQ = −9.6 %
  3. 3. E = −0.6923
  4. 4. E = −1.088
  5. 5. E = −0.25
  6. 6. P = 45 €

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