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 15%, the quantity demanded falls by 30%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −30%
E =
2.Easy
price−10%quantity demanded?%ΔQE = −1.2

The price elasticity of demand for a product is −1.2. The price is cut by 10%. By what percentage %ΔQ does the quantity demanded change?

E = −1.2%ΔP = −10%
%ΔQ = %
3.Medium
QPD400€2.00100€4.50

When the price of a ticket changes from €2.00 to €4.50, weekly sales change from 400 to 100. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €4.50Q1 = 400Q2 = 100
E =
4.Medium
QPD200€8.00170€9.00

When the price of a ticket changes from €8.00 to €9.00, weekly sales change from 200 to 170. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €9.00Q1 = 200Q2 = 170
E =
5.Hard
QPDQ€48

The demand for a product is Q = 600 − 10P, with P in euros. Find the price elasticity of demand E at a price of €48.

Q = 600 − 10PP = €48
E =
6.Hard
QPDQ€18

The demand for a product is Q = 600 − 20P, with P in euros. Find the price elasticity of demand E at a price of €18.

Q = 600 − 20PP = €18
E =

Answer key

  1. 1. E = −2
  2. 2. %ΔQ = 12 %
  3. 3. E = −1.56
  4. 4. E = −1.378
  5. 5. E = −4
  6. 6. E = −1.5

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