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

%ΔP = −10%%ΔQ = +12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 15%, the quantity demanded falls by 3%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −3%
E =
3.Medium
QPD1000€5.00680€6.00

When the price of a ticket changes from €5.00 to €6.00, weekly sales change from 1000 to 680. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.00Q1 = 1000Q2 = 680
E =
4.Medium
QPD100€10.00120€8.00

When the price of a ticket changes from €10.00 to €8.00, weekly sales change from 100 to 120. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €8.00Q1 = 100Q2 = 120
E =
5.Hard
QPD1 000€10Q = ?€9.00

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €10, 1 000 units are sold. How many units Q are sold at a price of €9.00?

E = −3P1 = €10Q1 = 1 000P2 = €9.00
Q = units
6.Hard
QPD42€9.00

The (inverse) demand for a product is P = 30 − 0.5Q, with P in euros. Find the price elasticity of demand E when 42 units are sold.

P = 30 − 0.5QQ = 42
E =

Answer key

  1. 1. E = −1.2
  2. 2. E = −0.2
  3. 3. E = −2.095
  4. 4. E = −0.8182
  5. 5. Q = 1372 units
  6. 6. E = −0.4286

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