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 15%, the quantity demanded falls by 37.5%. Find the price elasticity of demand E.

%ΔP = +15%%ΔQ = −37.5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 15%, the quantity demanded rises by 30%. Find the price elasticity of demand E.

%ΔP = −15%%ΔQ = +30%
E =
3.Medium
QPD400€5.00340€5.50

When the price of a ticket changes from €5.00 to €5.50, weekly sales change from 400 to 340. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €5.50Q1 = 400Q2 = 340
E =
4.Medium
QPD100€4.00230€1.50

When the price of a ticket changes from €4.00 to €1.50, weekly sales change from 100 to 230. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €4.00P2 = €1.50Q1 = 100Q2 = 230
E =
5.Hard
QPD8 000€10Q = ?€14.00

Demand for a product has a constant price elasticity of −3, so Q = A·P^−3. At a price of €10, 8 000 units are sold. How many units Q are sold at a price of €14.00?

E = −3P1 = €10Q1 = 8 000P2 = €14.00
Q = units
6.Hard
QPD1 000€20Q = ?€16.00

Demand for a product has a constant price elasticity of −2.5, so Q = A·P^−2.5. At a price of €20, 1 000 units are sold. How many units Q are sold at a price of €16.00?

E = −2.5P1 = €20Q1 = 1 000P2 = €16.00
Q = units

Answer key

  1. 1. E = −2.5
  2. 2. E = −2
  3. 3. E = −1.703
  4. 4. E = −0.8667
  5. 5. Q = 2915 units
  6. 6. Q = 1747 units

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