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 falls by 25%, the quantity demanded rises by 10%. Find the price elasticity of demand E.

%ΔP = −25%%ΔQ = +10%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 1.6%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +1.6%
E =
3.Medium
QPD400€25.00590€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 400 to 590. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 400Q2 = 590
E =
4.Medium
QPD1200€15.001070€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 1200 to 1070. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 1200Q2 = 1070
E =
5.Hard
QPDQ€10

The demand for a product is Q = 400 − 8P, with P in euros. Find the price elasticity of demand E at a price of €10.

Q = 400 − 8PP = €10
E =
6.Hard
QPD60€70.00

The (inverse) demand for a product is P = 100 − 0.5Q, with P in euros. Find the price elasticity of demand E when 60 units are sold.

P = 100 − 0.5QQ = 60
E =

Answer key

  1. 1. E = −0.4
  2. 2. E = −0.4
  3. 3. E = −0.7677
  4. 4. E = −0.9163
  5. 5. E = −0.25
  6. 6. E = −2.333

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