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 15%, the quantity demanded falls by 3%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −3%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 10%, the quantity demanded falls by 15%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −15%
E =
3.Medium
QPD100€10.00140€4.00

When the price of a ticket changes from €10.00 to €4.00, weekly sales change from 100 to 140. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €4.00Q1 = 100Q2 = 140
E =
4.Medium
QPD5 000€5Q2​P2​ (−15%)ΔR = ?

A product sells 5 000 units per month at €5. Its price elasticity of demand is −2. The firm changes the price by −15%. Assuming %ΔQ = E·%ΔP, by how much ΔR does monthly revenue change?

P1 = €5Q1 = 5 000E = −2%ΔP = −15%
ΔR = €
5.Hard
QPDQ€56

The demand for a product is Q = 160 − 2P, with P in euros. Find the price elasticity of demand E at a price of €56.

Q = 160 − 2PP = €56
E =
6.Hard
QPDQ€30

The demand for a product is Q = 200 − 4P, with P in euros. Find the price elasticity of demand E at a price of €30.

Q = 200 − 4PP = €30
E =

Answer key

  1. 1. E = −0.2
  2. 2. E = −1.5
  3. 3. E = −0.3889
  4. 4. ΔR = 2625 €
  5. 5. E = −2.333
  6. 6. E = −1.5

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