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 20%, the quantity demanded rises by 16%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +16%
E =
2.Easy
ticket price−5%tickets per week?5 000 → QE = −1.5

A cinema sells 5 000 tickets per week. The price elasticity of demand is −1.5. If the ticket price is cut by 5%, how many tickets Q will it sell per week?

Q1 = 5 000E = −1.5%ΔP = −5%
Q = tickets
3.Medium
QPD800€10.001090€4.00

When the price of a ticket changes from €10.00 to €4.00, weekly sales change from 800 to 1090. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €4.00Q1 = 800Q2 = 1090
E =
4.Medium
QPD400€2.00640€0.50

When the price of a ticket changes from €2.00 to €0.50, weekly sales change from 400 to 640. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €0.50Q1 = 400Q2 = 640
E =
5.Hard
QPD96€24.00

The (inverse) demand for a product is P = 120 − 1Q, with P in euros. Find the price elasticity of demand E when 96 units are sold.

P = 120 − 1QQ = 96
E =
6.Hard
QPD6000€80.00

The (inverse) demand for a product is P = 200 − 0.02Q, with P in euros. Find the price elasticity of demand E when 6 000 units are sold.

P = 200 − 0.02QQ = 6 000
E =

Answer key

  1. 1. E = −0.8
  2. 2. Q = 5375 tickets
  3. 3. E = −0.358
  4. 4. E = −0.3846
  5. 5. E = −0.25
  6. 6. E = −0.6667

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