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
price+15%quantity demanded?%ΔQE = −1.2

The price elasticity of demand for a product is −1.2. The price is raised by 15%. By what percentage %ΔQ does the quantity demanded change?

E = −1.2%ΔP = +15%
%ΔQ = %
2.Easy
ticket price+5%tickets per week?1 000 → QE = −2

A cinema sells 1 000 tickets per week. The price elasticity of demand is −2. If the ticket price rises by 5%, how many tickets Q will it sell per week?

Q1 = 1 000E = −2%ΔP = +5%
Q = tickets
3.Medium
QPD1200€5.001580€4.00

When the price of a ticket changes from €5.00 to €4.00, weekly sales change from 1200 to 1580. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.00Q1 = 1200Q2 = 1580
E =
4.Medium
QPD1200€20.001390€18.00

When the price of a ticket changes from €20.00 to €18.00, weekly sales change from 1200 to 1390. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €20.00P2 = €18.00Q1 = 1200Q2 = 1390
E =
5.Hard
QPDQP = ?

The demand for a product is Q = 1200 − 20P, with P in euros. At which price P is the price elasticity of demand equal to −0.25?

Q = 1200 − 20PE = −0.25
P = €
6.Hard
QPDQ€24

The demand for a product is Q = 320 − 8P, with P in euros. Find the price elasticity of demand E at a price of €24.

Q = 320 − 8PP = €24
E =

Answer key

  1. 1. %ΔQ = −18 %
  2. 2. Q = 900 tickets
  3. 3. E = −1.23
  4. 4. E = −1.394
  5. 5. P = 12 €
  6. 6. E = −1.5

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