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 24%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −24%
E =
2.Easy
ticket price−8%tickets per week?2 000 → QE = −0.5

A cinema sells 2 000 tickets per week. The price elasticity of demand is −0.5. If the ticket price is cut by 8%, how many tickets Q will it sell per week?

Q1 = 2 000E = −0.5%ΔP = −8%
Q = tickets
3.Medium
QPD100€25.00160€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 100 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 100Q2 = 160
E =
4.Medium
QPD200€12.00170€14.00

When the price of a ticket changes from €12.00 to €14.00, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €14.00Q1 = 200Q2 = 170
E =
5.Hard
QPDQ€64

The demand for a product is Q = 1600 − 20P, with P in euros. Find the price elasticity of demand E at a price of €64.

Q = 1600 − 20PP = €64
E =
6.Hard
QPD5 000€20Q = ?€14.00

Demand for a product has a constant price elasticity of −2.5, so Q = A·P^−2.5. At a price of €20, 5 000 units are sold. How many units Q are sold at a price of €14.00?

E = −2.5P1 = €20Q1 = 5 000P2 = €14.00
Q = units

Answer key

  1. 1. E = −1.2
  2. 2. Q = 2080 tickets
  3. 3. E = −0.9231
  4. 4. E = −1.054
  5. 5. E = −4
  6. 6. Q = 12196 units

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