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
ticket price−4%tickets per week?5 000 → QE = −2.5

A cinema sells 5 000 tickets per week. The price elasticity of demand is −2.5. If the ticket price is cut by 4%, how many tickets Q will it sell per week?

Q1 = 5 000E = −2.5%ΔP = −4%
Q = tickets
2.Easy
price−4%quantity demanded?%ΔQE = −3

The price elasticity of demand for a product is −3. The price is cut by 4%. By what percentage %ΔQ does the quantity demanded change?

E = −3%ΔP = −4%
%ΔQ = %
3.Medium
QPD1200€2.001560€1.50

When the price of a ticket changes from €2.00 to €1.50, weekly sales change from 1200 to 1560. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €1.50Q1 = 1200Q2 = 1560
E =
4.Medium
QPD800€5.00640€7.50

When the price of a ticket changes from €5.00 to €7.50, weekly sales change from 800 to 640. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €7.50Q1 = 800Q2 = 640
E =
5.Hard
QPD560€24.00

The (inverse) demand for a product is P = 80 − 0.1Q, with P in euros. Find the price elasticity of demand E when 560 units are sold.

P = 80 − 0.1QQ = 560
E =
6.Hard
QPDQ€16

The demand for a product is Q = 2000 − 50P, with P in euros. Find the price elasticity of demand E at a price of €16.

Q = 2000 − 50PP = €16
E =

Answer key

  1. 1. Q = 5500 tickets
  2. 2. %ΔQ = 12 %
  3. 3. E = −0.913
  4. 4. E = −0.5556
  5. 5. E = −0.4286
  6. 6. E = −0.6667

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