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 10%, the quantity demanded rises by 12%. Find the price elasticity of demand E.

%ΔP = −10%%ΔQ = +12%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 20%, the quantity demanded rises by 50%. Find the price elasticity of demand E.

%ΔP = −20%%ΔQ = +50%
E =
3.Medium
QPD200€2.00260€1.50

When the price of a ticket changes from €2.00 to €1.50, weekly sales change from 200 to 260. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €1.50Q1 = 200Q2 = 260
E =
4.Medium
QPD200€12.00240€8.00

When the price of a ticket changes from €12.00 to €8.00, weekly sales change from 200 to 240. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €8.00Q1 = 200Q2 = 240
E =
5.Hard
QPDQ€8

The demand for a product is Q = 320 − 8P, with P in euros. Find the price elasticity of demand E at a price of €8.

Q = 320 − 8PP = €8
E =
6.Hard
QPD2 000€5Q = ?€3.50

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €5, 2 000 units are sold. How many units Q are sold at a price of €3.50?

E = −3P1 = €5Q1 = 2 000P2 = €3.50
Q = units

Answer key

  1. 1. E = −1.2
  2. 2. E = −2.5
  3. 3. E = −0.913
  4. 4. E = −0.4545
  5. 5. E = −0.25
  6. 6. Q = 5831 units

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