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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

1.Easy
ticket price+4%tickets per week?800 → QE = −2

A cinema sells 800 tickets per week. The price elasticity of demand is −2. If the ticket price rises by 4%, how many tickets Q will it sell per week?

Q1 = 800E = −2%ΔP = +4%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 8%, the quantity demanded falls by 9.6%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −9.6%
E =
3.Medium
QPD500€12.00400€16.00

When the price of a ticket changes from €12.00 to €16.00, weekly sales change from 500 to 400. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €16.00Q1 = 500Q2 = 400
E =
4.Medium
QPD2 500€4Q2​P2​ (+5%)ΔR = ?

A product sells 2 500 units per month at €4. Its price elasticity of demand is −0.5. The firm changes the price by +5%. Assuming %ΔQ = E·%ΔP, by how much ΔR does monthly revenue change?

P1 = €4Q1 = 2 500E = −0.5%ΔP = +5%
ΔR = €
5.Hard
QPDQ€32

The demand for a product is Q = 2000 − 25P, with P in euros. Find the price elasticity of demand E at a price of €32.

Q = 2000 − 25PP = €32
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 500 − 10P, with P in euros. At which price P is the price elasticity of demand equal to −3?

Q = 500 − 10PE = −3
P = €

Answer key

  1. 1. Q = 736 tickets
  2. 2. E = −1.2
  3. 3. E = −0.7778
  4. 4. ΔR = 237.5 €
  5. 5. E = −0.6667
  6. 6. P = 37.5 €

Full step-by-step solutions: practise this topic on examproblems.com.