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 20%, the quantity demanded falls by 16%. Find the price elasticity of demand E.

%ΔP = +20%%ΔQ = −16%
E =
2.Easy
ticket price+8%tickets per week?400 → QE = −1.5

A cinema sells 400 tickets per week. The price elasticity of demand is −1.5. If the ticket price rises by 8%, how many tickets Q will it sell per week?

Q1 = 400E = −1.5%ΔP = +8%
Q = tickets
3.Medium
QPD200€2.00380€0.50

When the price of a ticket changes from €2.00 to €0.50, weekly sales change from 200 to 380. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €0.50Q1 = 200Q2 = 380
E =
4.Medium
QPD500€2.00450€2.50

When the price of a ticket changes from €2.00 to €2.50, weekly sales change from 500 to 450. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €2.00P2 = €2.50Q1 = 500Q2 = 450
E =
5.Hard
QPDQ€42

The demand for a product is Q = 300 − 5P, with P in euros. Find the price elasticity of demand E at a price of €42.

Q = 300 − 5PP = €42
E =
6.Hard
QPDQ€24

The demand for a product is Q = 400 − 5P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 400 − 5PP = €24
E =

Answer key

  1. 1. E = −0.8
  2. 2. Q = 352 tickets
  3. 3. E = −0.5172
  4. 4. E = −0.4737
  5. 5. E = −2.333
  6. 6. E = −0.4286

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