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
QPDQ1​P1​Q2​P2​

When the price of a product rises by 8%, the quantity demanded falls by 6.4%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −6.4%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 4%, the quantity demanded rises by 10%. Find the price elasticity of demand E.

%ΔP = −4%%ΔQ = +10%
E =
3.Medium
QPD400€10.0080€20.00

When the price of a ticket changes from €10.00 to €20.00, weekly sales change from 400 to 80. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €10.00P2 = €20.00Q1 = 400Q2 = 80
E =
4.Medium
QPD1200€25.001490€15.00

When the price of a ticket changes from €25.00 to €15.00, weekly sales change from 1200 to 1490. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €25.00P2 = €15.00Q1 = 1200Q2 = 1490
E =
5.Hard
QPD8 000€12Q = ?€9.60

Demand for a product has a constant price elasticity of −1.5, so Q = A·P^−1.5. At a price of €12, 8 000 units are sold. How many units Q are sold at a price of €9.60?

E = −1.5P1 = €12Q1 = 8 000P2 = €9.60
Q = units
6.Hard
QPDQ€24

The demand for a product is Q = 2000 − 25P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 2000 − 25PP = €24
E =

Answer key

  1. 1. E = −0.8
  2. 2. E = −2.5
  3. 3. E = −2
  4. 4. E = −0.4312
  5. 5. Q = 11180 units
  6. 6. E = −0.4286

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