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−15%tickets per week?2 000 → QE = −2

A cinema sells 2 000 tickets per week. The price elasticity of demand is −2. If the ticket price is cut by 15%, how many tickets Q will it sell per week?

Q1 = 2 000E = −2%ΔP = −15%
Q = tickets
2.Easy
price+8%quantity demanded?%ΔQE = −0.5

The price elasticity of demand for a product is −0.5. The price is raised by 8%. By what percentage %ΔQ does the quantity demanded change?

E = −0.5%ΔP = +8%
%ΔQ = %
3.Medium
QPD500€40.00410€46.00

When the price of a ticket changes from €40.00 to €46.00, weekly sales change from 500 to 410. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €40.00P2 = €46.00Q1 = 500Q2 = 410
E =
4.Medium
QPD1000€8.001150€6.50

When the price of a ticket changes from €8.00 to €6.50, weekly sales change from 1000 to 1150. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €8.00P2 = €6.50Q1 = 1000Q2 = 1150
E =
5.Hard
QPD280€24.00

The (inverse) demand for a product is P = 80 − 0.2Q, with P in euros. Find the price elasticity of demand E when 280 units are sold.

P = 80 − 0.2QQ = 280
E =
6.Hard
QPD2800€60.00

The (inverse) demand for a product is P = 200 − 0.05Q, with P in euros. Find the price elasticity of demand E when 2 800 units are sold.

P = 200 − 0.05QQ = 2 800
E =

Answer key

  1. 1. Q = 2600 tickets
  2. 2. %ΔQ = −4 %
  3. 3. E = −1.418
  4. 4. E = −0.6744
  5. 5. E = −0.4286
  6. 6. E = −0.4286

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