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 rises by 4%, the quantity demanded falls by 0.8%. Find the price elasticity of demand E.

%ΔP = +4%%ΔQ = −0.8%
E =
2.Easy
ticket price−4%tickets per week?400 → QE = −1.2

A cinema sells 400 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 = 400E = −1.2%ΔP = −4%
Q = tickets
3.Medium
QPD200€8.00170€9.50

When the price of a ticket changes from €8.00 to €9.50, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €9.50Q1 = 200Q2 = 170
E =
4.Medium
QPD1200€40.001390€36.00

When the price of a ticket changes from €40.00 to €36.00, weekly sales change from 1200 to 1390. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €36.00Q1 = 1200Q2 = 1390
E =
5.Hard
QPDQ€20

The demand for a product is Q = 1250 − 25P, with P in euros. Find the price elasticity of demand E at a price of €20.

Q = 1250 − 25PP = €20
E =
6.Hard
QPDQ€48

The demand for a product is Q = 320 − 4P, with P in euros. Find the price elasticity of demand E at a price of €48.

Q = 320 − 4PP = €48
E =

Answer key

  1. 1. E = −0.2
  2. 2. Q = 419.2 tickets
  3. 3. E = −0.9459
  4. 4. E = −1.394
  5. 5. E = −0.6667
  6. 6. E = −1.5

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