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 5%, the quantity demanded rises by 12.5%. Find the price elasticity of demand E.

%ΔP = −5%%ΔQ = +12.5%
E =
2.Easy
QPDQ1​P1​Q2​P2​

When the price of a product rises by 8%, the quantity demanded falls by 4%. Find the price elasticity of demand E.

%ΔP = +8%%ΔQ = −4%
E =
3.Medium
QPD500€5.00530€4.50

When the price of a ticket changes from €5.00 to €4.50, weekly sales change from 500 to 530. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €5.00P2 = €4.50Q1 = 500Q2 = 530
E =
4.Medium
QPD1000€15.00730€17.00

When the price of a ticket changes from €15.00 to €17.00, weekly sales change from 1000 to 730. Use the midpoint (arc) method to find the price elasticity of demand E.

P1 = €15.00P2 = €17.00Q1 = 1000Q2 = 730
E =
5.Hard
QPDQ€80

The demand for a product is Q = 5000 − 50P, with P in euros. Find the price elasticity of demand E at a price of €80.

Q = 5000 − 50PP = €80
E =
6.Hard
QPD10 000€10Q = ?€11.00

Demand for a product has a constant price elasticity of −0.8, so Q = A·P^−0.8. At a price of €10, 10 000 units are sold. How many units Q are sold at a price of €11.00?

E = −0.8P1 = €10Q1 = 10 000P2 = €11.00
Q = units

Answer key

  1. 1. E = −2.5
  2. 2. E = −0.5
  3. 3. E = −0.5534
  4. 4. E = −2.497
  5. 5. E = −4
  6. 6. Q = 9266 units

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