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
ticket price−10%tickets per week?400 → QE = −2

A cinema sells 400 tickets per week. The price elasticity of demand is −2. If the ticket price is cut by 10%, how many tickets Q will it sell per week?

Q1 = 400E = −2%ΔP = −10%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 30%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +30%
E =
3.Medium
QPD400€4.00520€3.00

When the price of a ticket changes from €4.00 to €3.00, weekly sales change from 400 to 520. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €3.00Q1 = 400Q2 = 520
E =
4.Medium
QPD800€40.00900€34.00

When the price of a ticket changes from €40.00 to €34.00, weekly sales change from 800 to 900. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €34.00Q1 = 800Q2 = 900
E =
5.Hard
QPD8 000€12Q = ?€15.60

Demand for a product has a constant price elasticity of −0.8, so Q = A·P^−0.8. At a price of €12, 8 000 units are sold. How many units Q are sold at a price of €15.60?

E = −0.8P1 = €12Q1 = 8 000P2 = €15.60
Q = units
6.Hard
QPDQ€48

The demand for a product is Q = 300 − 5P, with P in euros. Find the price elasticity of demand E at a price of €48.

Q = 300 − 5PP = €48
E =

Answer key

  1. 1. Q = 480 tickets
  2. 2. E = −2.5
  3. 3. E = −0.913
  4. 4. E = −0.7255
  5. 5. Q = 6485 units
  6. 6. E = −4

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