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
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 1.6%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +1.6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 5%, the quantity demanded rises by 7.5%. Find the price elasticity of demand E.

%ΔP = −5%%ΔQ = +7.5%
E =
3.Medium
QPD500€5.00340€6.00

When the price of a ticket changes from €5.00 to €6.00, weekly sales change from 500 to 340. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.00Q1 = 500Q2 = 340
E =
4.Medium
QPD500€12.00330€22.00

When the price of a ticket changes from €12.00 to €22.00, weekly sales change from 500 to 330. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €22.00Q1 = 500Q2 = 330
E =
5.Hard
QPDQ€12

The demand for a product is Q = 80 − 4P, with P in euros. Find the price elasticity of demand E at a price of €12.

Q = 80 − 4PP = €12
E =
6.Hard
QPDQ€10

The demand for a product is Q = 1250 − 25P, with P in euros. Find the price elasticity of demand E at a price of €10.

Q = 1250 − 25PP = €10
E =

Answer key

  1. 1. E = −0.4
  2. 2. E = −1.5
  3. 3. E = −2.095
  4. 4. E = −0.6964
  5. 5. E = −1.5
  6. 6. E = −0.25

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