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 12%, the quantity demanded falls by 6%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 10%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −10%%ΔQ = +12%
E =
3.Medium
QPD100€2.0010€3.50

When the price of a ticket changes from €2.00 to €3.50, weekly sales change from 100 to 10. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €3.50Q1 = 100Q2 = 10
E =
4.Medium
QPD1200€40.001240€38.00

When the price of a ticket changes from €40.00 to €38.00, weekly sales change from 1200 to 1240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €38.00Q1 = 1200Q2 = 1240
E =
5.Hard
QPDQ€12

The demand for a product is Q = 1000 − 25P, with P in euros. Find the price elasticity of demand E at a price of €12.

Q = 1000 − 25PP = €12
E =
6.Hard
QPD1 000€10Q = ?€5.00

Demand for a product has a constant price elasticity of −2.5, so Q = A·P^−2.5. At a price of €10, 1 000 units are sold. How many units Q are sold at a price of €5.00?

E = −2.5P1 = €10Q1 = 1 000P2 = €5.00
Q = units

Answer key

  1. 1. E = −0.5
  2. 2. E = −1.2
  3. 3. E = −3
  4. 4. E = −0.6393
  5. 5. E = −0.4286
  6. 6. Q = 5657 units

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