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+4%quantity demanded?%ΔQE = −1.5

The price elasticity of demand for a product is −1.5. The price is raised by 4%. By what percentage %ΔQ does the quantity demanded change?

E = −1.5%ΔP = +4%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 12%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −12%
E =
3.Medium
QPD1000€5.00640€6.50

When the price of a ticket changes from €5.00 to €6.50, weekly sales change from 1000 to 640. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.50Q1 = 1000Q2 = 640
E =
4.Medium
QPD1200€12.00880€16.00

When the price of a ticket changes from €12.00 to €16.00, weekly sales change from 1200 to 880. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €16.00Q1 = 1200Q2 = 880
E =
5.Hard
QPD10 000€8Q = ?€10.40

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €8, 10 000 units are sold. How many units Q are sold at a price of €10.40?

E = −3P1 = €8Q1 = 10 000P2 = €10.40
Q = units
6.Hard
QPDQ€24

The demand for a product is Q = 800 − 20P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 800 − 20PP = €24
E =

Answer key

  1. 1. %ΔQ = −6 %
  2. 2. E = −0.8
  3. 3. E = −1.683
  4. 4. E = −1.077
  5. 5. Q = 4552 units
  6. 6. E = −1.5

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