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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

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
QPDQ1​P1​Q2​P2​

When the price of a product rises by 12%, the quantity demanded falls by 18%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −18%
E =
3.Medium
QPD1000€4.00700€5.00

When the price of a ticket changes from €4.00 to €5.00, weekly sales change from 1000 to 700. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €5.00Q1 = 1000Q2 = 700
E =
4.Medium
QPD800€10.001380€4.00

When the price of a ticket changes from €10.00 to €4.00, weekly sales change from 800 to 1380. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €4.00Q1 = 800Q2 = 1380
E =
5.Hard
QPD1800€24.00

The (inverse) demand for a product is P = 60 − 0.02Q, with P in euros. Find the price elasticity of demand E when 1 800 units are sold.

P = 60 − 0.02QQ = 1 800
E =
6.Hard
QPDQ€35

The demand for a product is Q = 1000 − 20P, with P in euros. Find the price elasticity of demand E at a price of €35.

Q = 1000 − 20PP = €35
E =

Answer key

  1. 1. E = −2
  2. 2. E = −1.5
  3. 3. E = −1.588
  4. 4. E = −0.6208
  5. 5. E = −0.6667
  6. 6. E = −2.333

Full step-by-step solutions: practise this topic on examproblems.com.