CBSE Class 12 Micro Economics Price Elasticity of Demand Worksheet

MICRO ECONOMICS
PRICE ELASTICITY OF DEMAND

1. A consumer buys 1000 units of a good at a price of ₹120 per unit. When the price falls he buys 1400 units. If price elasticity is (-) 2, what is the new price?

2. The quantity demanded of a commodity falls by 5 units when its price rises by ₹1 per unit. Its price elasticity of demand is (--) 1.5 Calculate the price before the change if at this price quantity demanded was 60 units.

3. Calculate price elasticity of demand by percentage method.

Price       per unit Demand
₹ 10        0 units
₹ 9          10 units

4. A consumer buys 10 units of a commodity at the price of ₹ 5 per unit. The price elasticity of demand for this good is -2. Price falls to ₹ 4 per unit. How much of this commodity will he buy now at this price?

5. A household buys 30 units of a commodity when its price is ₹5 per unit. The quantity demanded falls to 25 units when the price rises to ₹6 per unit. How much is price elasticity of demand.

6. Price elasticity of demand for a good is –0.75. When its price falls by ₹1 per unit its quantity demanded rises by 4 units. Calculate quantity demanded if the price before the change was ₹12 per unit.

7. At a price ₹ 20 per unit, the quantity demanded for a commodity is 300 units. If price falls by 10%, quantity demanded rises by 60 units. Calculate price elasticity of demand.

8. Price elasticity of demand for a good is (--) 0.5. Its quantity demanded falls by 5 units when its price rises by ₹1 per unit. Calculate quantity demanded if price before the change is ₹5 per unit.

9. A consumer spends ₹90 on a good when its price is ₹9 per unit. When price falls to ₹6 per unit, he spends ₹120 per unit. Calculate price elasticity by percentage method.

10. A consumer spends ₹70 on a good when its price is ₹5 per unit. When the price falls to ₹4 per unit, he spends₹84. Calculate the price elasticity by percentage method.

11. At a price of ₹50 per unit, the quantity demanded of a commodity is 1000units. When its price falls by 10 percent, its quantity demanded rises to 1080 units. Calculate price elasticity of demand. Is its demand inelastic? Give reason.

12. As a result of a fall in the price of a commodity form ₹7/- per kg to ₹5 per kg. The total expenditure on it increases from ₹3500/- to ₹6250. Calculate price elasticity of demand.

13. A consumer spends ₹80/- on a commodity when its price is ₹1/-per unit and spends ₹96 when its price is ₹2/- per unit. What is the price elasticity of demand for the commodity?

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