Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: formula for and calculation of price elasticity of supply
Learning Objective/s:
  • Define price elasticity of supply (PES) and state its formula.
  • Calculate PES using percentage‑change (or midpoint) method for given data.
  • Interpret the numerical PES value to classify supply as elastic, unit‑elastic, or inelastic.
  • Explain how time, input availability, factor mobility, storage, and production complexity affect supply elasticity.
Materials Needed:
  • Projector and screen
  • Whiteboard and markers
  • Printed worksheet with price‑quantity tables
  • Calculators or spreadsheet software
  • Graph paper for sketching supply curves
  • Handout summarising the PES formula and interpretation guide
 Introduction:
Imagine a farmer deciding how much wheat to produce when the market price rises. Students should already know basic supply curves and how to calculate percentage changes. Today they will learn the PES formula, work through a calculation, and interpret the result. Success will be shown by correctly computing and classifying PES for a new data set.
Lesson Structure:
  1. Do‑now (5'): Quick quiz on percentage‑change calculations.
  2. Mini‑lecture (10'): Define PES, present the formula, and explain interpretation thresholds.
  3. Guided practice (15'): Walk through the wheat example step‑by‑step; students complete the worksheet.
  4. Pair activity (10'): Given a new price‑quantity table, calculate PES and determine elasticity type.
  5. Class discussion (5'): Link calculated elasticity to the five influencing factors.
  6. Exit ticket (5'): Write one factor that would make supply more elastic and why.
Conclusion:
We reviewed the PES formula, practiced calculations, and connected results to real‑world factors. The exit ticket checks understanding of how those factors shift elasticity. For homework, complete the additional PES problems in the handout and read the section on long‑run supply elasticity.