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−4%tickets per week?5 000 → QE = −1.2

A cinema sells 5 000 tickets per week. The price elasticity of demand is −1.2. If the ticket price is cut by 4%, how many tickets Q will it sell per week?

Q1 = 5 000E = −1.2%ΔP = −4%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 24%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +24%
E =
3.Medium
QPD1000€4.00900€4.50

When the price of a ticket changes from €4.00 to €4.50, weekly sales change from 1000 to 900. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €4.50Q1 = 1000Q2 = 900
E =
4.Medium
QPD200€8.00250€6.50

When the price of a ticket changes from €8.00 to €6.50, weekly sales change from 200 to 250. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €6.50Q1 = 200Q2 = 250
E =
5.Hard
QPD64€16.00

The (inverse) demand for a product is P = 80 − 1Q, with P in euros. Find the price elasticity of demand E when 64 units are sold.

P = 80 − 1QQ = 64
E =
6.Hard
QPD90€21.00

The (inverse) demand for a product is P = 30 − 0.1Q, with P in euros. Find the price elasticity of demand E when 90 units are sold.

P = 30 − 0.1QQ = 90
E =

Answer key

  1. 1. Q = 5240 tickets
  2. 2. E = −2
  3. 3. E = −0.8947
  4. 4. E = −1.074
  5. 5. E = −0.25
  6. 6. E = −2.333

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