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+4%tickets per week?500 → QE = −2.5

A cinema sells 500 tickets per week. The price elasticity of demand is −2.5. If the ticket price rises by 4%, how many tickets Q will it sell per week?

Q1 = 500E = −2.5%ΔP = +4%
Q = tickets
2.Easy
ticket price+15%tickets per week?1 000 → QE = −0.5

A cinema sells 1 000 tickets per week. The price elasticity of demand is −0.5. If the ticket price rises by 15%, how many tickets Q will it sell per week?

Q1 = 1 000E = −0.5%ΔP = +15%
Q = tickets
3.Medium
QPD800€20.00990€14.00

When the price of a ticket changes from €20.00 to €14.00, weekly sales change from 800 to 990. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €14.00Q1 = 800Q2 = 990
E =
4.Medium
QPD200€12.00230€8.00

When the price of a ticket changes from €12.00 to €8.00, weekly sales change from 200 to 230. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €12.00P2 = €8.00Q1 = 200Q2 = 230
E =
5.Hard
QPDQ€28

The demand for a product is Q = 400 − 10P, with P in euros. Find the price elasticity of demand E at a price of €28.

Q = 400 − 10PP = €28
E =
6.Hard
QPDQP = ?

The demand for a product is Q = 1000 − 50P, with P in euros. At which price P is the price elasticity of demand equal to −2?

Q = 1000 − 50PE = −2
P = €

Answer key

  1. 1. Q = 450 tickets
  2. 2. Q = 925 tickets
  3. 3. E = −0.6015
  4. 4. E = −0.3488
  5. 5. E = −2.333
  6. 6. P = 13.33 €

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