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−15%tickets per week?5 000 → QE = −2.5

A cinema sells 5 000 tickets per week. The price elasticity of demand is −2.5. If the ticket price is cut by 15%, how many tickets Q will it sell per week?

Q1 = 5 000E = −2.5%ΔP = −15%
Q = tickets
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 24%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +24%
E =
3.Medium
QPD400€10.00500€6.00

When the price of a ticket changes from €10.00 to €6.00, weekly sales change from 400 to 500. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €6.00Q1 = 400Q2 = 500
E =
4.Medium
QPD800€10.001380€4.00

When the price of a ticket changes from €10.00 to €4.00, weekly sales change from 800 to 1380. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €4.00Q1 = 800Q2 = 1380
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 320 − 4P, with P in euros. At which price P is the price elasticity of demand equal to −2?

Q = 320 − 4PE = −2
P = €
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 −2?

Q = 500 − 10PE = −2
P = €

Answer key

  1. 1. Q = 6875 tickets
  2. 2. E = −1.2
  3. 3. E = −0.4444
  4. 4. E = −0.6208
  5. 5. P = 53.33 €
  6. 6. P = 33.33 €

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