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
price−2%quantity demanded?%ΔQE = −0.8

The price elasticity of demand for a product is −0.8. The price is cut by 2%. By what percentage %ΔQ does the quantity demanded change?

E = −0.8%ΔP = −2%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 10%, the quantity demanded falls by 4%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −4%
E =
3.Medium
QPD800€25.00990€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 800 to 990. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 800Q2 = 990
E =
4.Medium
QPD500€8.00550€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 500 to 550. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 500Q2 = 550
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 120 − 2P, with P in euros. At which price P is the price elasticity of demand equal to −1.5?

Q = 120 − 2PE = −1.5
P = €
6.Hard
QPDQ€18

The demand for a product is Q = 1500 − 25P, with P in euros. Find the price elasticity of demand E at a price of €18.

Q = 1500 − 25PP = €18
E =

Answer key

  1. 1. %ΔQ = 1.6 %
  2. 2. E = −0.4
  3. 3. E = −0.4246
  4. 4. E = −0.7143
  5. 5. P = 36 €
  6. 6. E = −0.4286

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