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 20%, the quantity demanded falls by 12%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 15%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +12%
E =
3.Medium
QPD400€15.00310€19.00

When the price of a ticket changes from €15.00 to €19.00, weekly sales change from 400 to 310. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €19.00Q1 = 400Q2 = 310
E =
4.Medium
QPD500€10.00420€14.00

When the price of a ticket changes from €10.00 to €14.00, weekly sales change from 500 to 420. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €14.00Q1 = 500Q2 = 420
E =
5.Hard
QPDQ€24

The demand for a product is Q = 750 − 25P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 750 − 25PP = €24
E =
6.Hard
QPDQ€32

The demand for a product is Q = 200 − 5P, with P in euros. Find the price elasticity of demand E at a price of €32.

Q = 200 − 5PP = €32
E =

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.8
  3. 3. E = −1.077
  4. 4. E = −0.5217
  5. 5. E = −4
  6. 6. E = −4

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