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.

New worksheetPractise online with hints

For teachers: free to print, copy and use in class. Every new worksheet has new values and its own answer key. A link to ExamProblems on your course page is appreciated.

Name: ____________________   Date: ____________

1.Easy
price+5%quantity demanded?%ΔQE = −0.8

The price elasticity of demand for a product is −0.8. The price is raised by 5%. By what percentage %ΔQ does the quantity demanded change?

E = −0.8%ΔP = +5%
%ΔQ = %
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 12%, the quantity demanded falls by 9.6%. Find the price elasticity of demand E.

%ΔP = +12%%ΔQ = −9.6%
E =
3.Medium
QPD100€15.00140€11.00

When the price of a ticket changes from €15.00 to €11.00, weekly sales change from 100 to 140. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €11.00Q1 = 100Q2 = 140
E =
4.Medium
QPD1200€25.00970€31.00

When the price of a ticket changes from €25.00 to €31.00, weekly sales change from 1200 to 970. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €31.00Q1 = 1200Q2 = 970
E =
5.Hard
QPD8 000€4Q = ?€3.60

Demand for a product has a constant price elasticity of −2.5, so Q = A·P^−2.5. At a price of €4, 8 000 units are sold. How many units Q are sold at a price of €3.60?

E = −2.5P1 = €4Q1 = 8 000P2 = €3.60
Q = units
6.Hard
QPDQ€16

The demand for a product is Q = 80 − 4P, with P in euros. Find the price elasticity of demand E at a price of €16.

Q = 80 − 4PP = €16
E =

Answer key

  1. 1. %ΔQ = −4 %
  2. 2. E = −0.8
  3. 3. E = −1.083
  4. 4. E = −0.9892
  5. 5. Q = 10411 units
  6. 6. E = −4

Full step-by-step solutions: practise this topic on examproblems.com.