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

%ΔP = −25%%ΔQ = +12.5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 15%, the quantity demanded rises by 22.5%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +22.5%
E =
3.Medium
QPD100€5.00160€3.50

When the price of a ticket changes from €5.00 to €3.50, weekly sales change from 100 to 160. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €3.50Q1 = 100Q2 = 160
E =
4.Medium
QPD800€8.001040€6.50

When the price of a ticket changes from €8.00 to €6.50, weekly sales change from 800 to 1040. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €6.50Q1 = 800Q2 = 1040
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 200 − 4P, with P in euros. At which price P is the price elasticity of demand equal to −0.5?

Q = 200 − 4PE = −0.5
P = €
6.Hard
QPD10 000€5Q = ?€2.50

Demand for a product has a constant price elasticity of −0.5, so Q = A·P^−0.5. At a price of €5, 10 000 units are sold. How many units Q are sold at a price of €2.50?

E = −0.5P1 = €5Q1 = 10 000P2 = €2.50
Q = units

Answer key

  1. 1. E = −0.5
  2. 2. E = −1.5
  3. 3. E = −1.308
  4. 4. E = −1.261
  5. 5. P = 16.67 €
  6. 6. Q = 14142 units

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