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 falls by 10%, the quantity demanded rises by 2%. Find the price elasticity of demand E.

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

When the price of a product rises by 25%, the quantity demanded falls by 12.5%. Find the price elasticity of demand E.

%ΔP = +25%%ΔQ = −12.5%
E =
3.Medium
QPD400€15.00360€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 400 to 360. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 400Q2 = 360
E =
4.Medium
QPD500€20.00200€30.00

When the price of a ticket changes from €20.00 to €30.00, weekly sales change from 500 to 200. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €30.00Q1 = 500Q2 = 200
E =
5.Hard
QPD36€24.00

The (inverse) demand for a product is P = 60 − 1Q, with P in euros. Find the price elasticity of demand E when 36 units are sold.

P = 60 − 1QQ = 36
E =
6.Hard
QPD10 000€4Q = ?€5.20

Demand for a product has a constant price elasticity of −1.2, so Q = A·P^−1.2. At a price of €4, 10 000 units are sold. How many units Q are sold at a price of €5.20?

E = −1.2P1 = €4Q1 = 10 000P2 = €5.20
Q = units

Answer key

  1. 1. E = −0.2
  2. 2. E = −0.5
  3. 3. E = −0.8421
  4. 4. E = −2.143
  5. 5. E = −0.6667
  6. 6. Q = 7299 units

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