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 12%, the quantity demanded rises by 7.2%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +7.2%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 20%, the quantity demanded falls by 10%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −10%
E =
3.Medium
QPD400€5.00350€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 400 to 350. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 400Q2 = 350
E =
4.Medium
QPD500€25.00340€29.00

When the price of a ticket changes from €25.00 to €29.00, weekly sales change from 500 to 340. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €29.00Q1 = 500Q2 = 340
E =
5.Hard
QPD10 000€4Q = ?€3.00

Demand for a product has a constant price elasticity of −2, so Q = A·P^−2. At a price of €4, 10 000 units are sold. How many units Q are sold at a price of €3.00?

E = −2P1 = €4Q1 = 10 000P2 = €3.00
Q = units
6.Hard
QPDQP = ?

The demand for a product is Q = 300 − 5P, with P in euros. At which price P is the price elasticity of demand equal to −0.5?

Q = 300 − 5PE = −0.5
P = €

Answer key

  1. 1. E = −0.6
  2. 2. E = −0.5
  3. 3. E = −1.4
  4. 4. E = −2.571
  5. 5. Q = 17778 units
  6. 6. P = 20 €

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