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 rises by 8%, the quantity demanded falls by 9.6%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −9.6%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 10%, the quantity demanded falls by 6%. Find the price elasticity of demand E.

%ΔP = +10%%ΔQ = −6%
E =
3.Medium
QPD500€40.00590€34.00

When the price of a ticket changes from €40.00 to €34.00, weekly sales change from 500 to 590. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €34.00Q1 = 500Q2 = 590
E =
4.Medium
QPD500€8.00630€7.00

When the price of a ticket changes from €8.00 to €7.00, weekly sales change from 500 to 630. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €7.00Q1 = 500Q2 = 630
E =
5.Hard
QPD20€40.00

The (inverse) demand for a product is P = 50 − 0.5Q, with P in euros. Find the price elasticity of demand E when 20 units are sold.

P = 50 − 0.5QQ = 20
E =
6.Hard
QPDQ€14

The demand for a product is Q = 500 − 25P, with P in euros. Find the price elasticity of demand E at a price of €14.

Q = 500 − 25PP = €14
E =

Answer key

  1. 1. E = −1.2
  2. 2. E = −0.6
  3. 3. E = −1.018
  4. 4. E = −1.726
  5. 5. E = −4
  6. 6. E = −2.333

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