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 9.6%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −9.6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 30%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +30%
E =
3.Medium
QPD800€15.00370€25.00

When the price of a ticket changes from €15.00 to €25.00, weekly sales change from 800 to 370. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €25.00Q1 = 800Q2 = 370
E =
4.Medium
QPD200€5.00180€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 200 to 180. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 200Q2 = 180
E =
5.Hard
QPD10 000€10Q = ?€7.50

Demand for a product has a constant price elasticity of −2.5, so Q = A·P^−2.5. At a price of €10, 10 000 units are sold. How many units Q are sold at a price of €7.50?

E = −2.5P1 = €10Q1 = 10 000P2 = €7.50
Q = units
6.Hard
QPD2 000€5Q = ?€4.00

Demand for a product has a constant price elasticity of −0.5, so Q = A·P^−0.5. At a price of €5, 2 000 units are sold. How many units Q are sold at a price of €4.00?

E = −0.5P1 = €5Q1 = 2 000P2 = €4.00
Q = units

Answer key

  1. 1. E = −0.8
  2. 2. E = −1.5
  3. 3. E = −1.47
  4. 4. E = −1.105
  5. 5. Q = 20528 units
  6. 6. Q = 2236 units

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