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
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 4.8%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +4.8%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 8%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +8%
E =
3.Medium
QPD500€12.00770€8.00

When the price of a ticket changes from €12.00 to €8.00, weekly sales change from 500 to 770. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €8.00Q1 = 500Q2 = 770
E =
4.Medium
QPD1200€25.001350€21.00

When the price of a ticket changes from €25.00 to €21.00, weekly sales change from 1200 to 1350. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €21.00Q1 = 1200Q2 = 1350
E =
5.Hard
QPDQ€36

The demand for a product is Q = 1200 − 20P, with P in euros. Find the price elasticity of demand E at a price of €36.

Q = 1200 − 20PP = €36
E =
6.Hard
QPDQ€20

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

Q = 1000 − 20PP = €20
E =

Answer key

  1. 1. E = −0.4
  2. 2. E = −2
  3. 3. E = −1.063
  4. 4. E = −0.6765
  5. 5. E = −1.5
  6. 6. E = −0.6667

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