| Lesson Plan |
| Grade: |
Date: 04/03/2026 |
| Subject: Economics |
| Lesson Topic: Definition of PED |
Learning Objective/s:
- Define Price Elasticity of Demand (PED) and explain its economic significance.
- Calculate PED using the percentage‑change formula.
- Interpret PED values to classify demand as elastic, unit‑elastic, inelastic, perfectly elastic or perfectly inelastic.
- Identify key factors that influence the magnitude of PED.
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Materials Needed:
- Projector and screen
- Whiteboard and markers
- Printed handout of PED value table
- Calculator worksheets
- Graph paper and rulers
- PowerPoint slides with example calculations
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Introduction:
Start with a quick poll: “What would happen to your coffee purchase if the price rose by 20%?” Connect responses to the law of demand, then state that today students will measure that responsiveness using PED. Success criteria: students will be able to define, calculate, and interpret PED.
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Lesson Structure:
- Do‑Now (5'): Students write one example of a price change they’ve experienced and predict the quantity response.
- Mini‑lecture (10'): Define PED, present the formula, and show the PED value table.
- Guided Practice (10'): Work through a sample calculation on the board using provided data.
- Interpretation Activity (10'): In pairs, classify calculated PED values as elastic, unit‑elastic, etc., and justify.
- Factors Discussion (10'): Think‑pair‑share on how substitutes, income proportion, necessity, and time affect PED.
- Diagram Sketch (5'): Students draw a demand curve highlighting elastic, unit‑elastic, and inelastic segments.
- Exit Ticket (5'): Write the definition of PED and one real‑world example of an elastic good.
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Conclusion:
Review the definition, formula, and interpretation of PED, checking the exit tickets for understanding. Assign homework: complete a worksheet calculating PED for three different products and explain the factors influencing each result.
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