Price elasticity of demand (PED)

At the end of the lesson, students should be able to:
D efine price elasticity of demand (
C
alculate PED using the formula and interpret the significance of the
result. Draw and interpret demand curve diagrams to show different
PED. Determinants of PED (key influences) on whether demand is elastic
or inelastic. PED and total spending on a product/revenue The
relationship between PED and total spending on a product/revenue,
both in a diagram and as a calculation
S
ignificance of PED (implications) for decision making by consumers ,
producers and government . Class Activities.’