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 12%, the quantity demanded rises by 14.4%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +14.4%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 5%, the quantity demanded rises by 12.5%. Find the price elasticity of demand E.

%ΔP = −5%%ΔQ = +12.5%
E =
3.Medium
QPD400€2.00560€1.50

When the price of a ticket changes from €2.00 to €1.50, weekly sales change from 400 to 560. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €1.50Q1 = 400Q2 = 560
E =
4.Medium
QPD4 000€8Q2​P2​ (−10%)ΔR = ?

A product sells 4 000 units per month at €8. Its price elasticity of demand is −0.4. The firm changes the price by −10%. Assuming %ΔQ = E·%ΔP, by how much ΔR does monthly revenue change?

P1 = €8Q1 = 4 000E = −0.4%ΔP = −10%
ΔR = €
5.Hard
QPDQ€8

The demand for a product is Q = 160 − 8P, with P in euros. Find the price elasticity of demand E at a price of €8.

Q = 160 − 8PP = €8
E =
6.Hard
QPD2 000€12Q = ?€15.60

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €12, 2 000 units are sold. How many units Q are sold at a price of €15.60?

E = −3P1 = €12Q1 = 2 000P2 = €15.60
Q = units

Answer key

  1. 1. E = −1.2
  2. 2. E = −2.5
  3. 3. E = −1.167
  4. 4. ΔR = −2048 €
  5. 5. E = −0.6667
  6. 6. Q = 910.3 units

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