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 falls by 12%, the quantity demanded rises by 18%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +18%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product falls by 12%, the quantity demanded rises by 14.4%. Find the price elasticity of demand E.

%ΔP = −12%%ΔQ = +14.4%
E =
3.Medium
QPD100€5.00150€3.50

When the price of a ticket changes from €5.00 to €3.50, weekly sales change from 100 to 150. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €3.50Q1 = 100Q2 = 150
E =
4.Medium
QPD500€5.00420€6.00

When the price of a ticket changes from €5.00 to €6.00, weekly sales change from 500 to 420. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €6.00Q1 = 500Q2 = 420
E =
5.Hard
QPD5 000€12Q = ?€8.40

Demand for a product has a constant price elasticity of −2, so Q = A·P^−2. At a price of €12, 5 000 units are sold. How many units Q are sold at a price of €8.40?

E = −2P1 = €12Q1 = 5 000P2 = €8.40
Q = units
6.Hard
QPDQP = ?

The demand for a product is Q = 80 − 2P, with P in euros. At which price P is the price elasticity of demand equal to −1.5?

Q = 80 − 2PE = −1.5
P = €

Answer key

  1. 1. E = −1.5
  2. 2. E = −1.2
  3. 3. E = −1.133
  4. 4. E = −0.9565
  5. 5. Q = 10204 units
  6. 6. P = 24 €

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