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 25%, the quantity demanded falls by 50%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −50%
E =
2.Easy
ticket price−15%tickets per week?800 → QE = −1.5

A cinema sells 800 tickets per week. The price elasticity of demand is −1.5. If the ticket price is cut by 15%, how many tickets Q will it sell per week?

Q1 = 800E = −1.5%ΔP = −15%
Q = tickets
3.Medium
QPD100€20.0070€24.00

When the price of a ticket changes from €20.00 to €24.00, weekly sales change from 100 to 70. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €24.00Q1 = 100Q2 = 70
E =
4.Medium
QPD800€25.00720€27.00

When the price of a ticket changes from €25.00 to €27.00, weekly sales change from 800 to 720. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €27.00Q1 = 800Q2 = 720
E =
5.Hard
QPD1000€80.00

The (inverse) demand for a product is P = 100 − 0.02Q, with P in euros. Find the price elasticity of demand E when 1 000 units are sold.

P = 100 − 0.02QQ = 1 000
E =
6.Hard
QPD420€9.00

The (inverse) demand for a product is P = 30 − 0.05Q, with P in euros. Find the price elasticity of demand E when 420 units are sold.

P = 30 − 0.05QQ = 420
E =

Answer key

  1. 1. E = −2
  2. 2. Q = 980 tickets
  3. 3. E = −1.941
  4. 4. E = −1.368
  5. 5. E = −4
  6. 6. E = −0.4286

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