AS Economics - Price Elasticity of Demand (PED) (4 lessons)

As an experienced economics teacher with over 10 years of expertise, I’ve developed this comprehensive resource on Price Elasticity of Demand (PED) to help students fully understand this critical concept. With clear explanations, advanced calculations, and practical exercises, this resource is perfect for both new and experienced teachers.

What’s included:

• Definition of PED:
• A clear explanation of what PED measures and why it matters in economics.
• Calculation of PED:
• Step-by-step guidance on calculating PED using the formula.
• Worked examples to demonstrate how to apply the formula in different scenarios.
• Determinants of PED:
• Analysis of key factors influencing PED, including availability of substitutes, necessity, proportion of income, and time horizon.
• Revenue effects of PED:
• Exploring how changes in price affect total revenue depending on PED values (elastic, inelastic, and unitary elasticity).
• Significance of PED:
• Understanding the importance of PED in business decision-making, government policy, and market analysis.
• Changes in PED:
• Examination of how and why PED changes over time and across different markets.

Key Features:

• Engaging exercises:
• Activities designed to reinforce understanding of PED concepts and calculations, with complete answers provided.
• Real-world applications:
• Connecting PED theory to practical examples, such as pricing strategies and tax policies.
• Advanced visuals and graphs:
• Clear illustrations of PED curves and their impact on revenue and market outcomes.
• Exam-style questions with model answers:
• Preparing students to tackle PED-related questions with confidence and accuracy.
• Plug-and-play design:
• Fully prepared lessons to save you time and ensure impactful teaching.

This resource equips students with a comprehensive understanding of PED, from its determinants to its significance in real-world scenarios. Accurate, engaging, and exam-focused—this is a must-have tool for economics teachers looking to deliver exceptional lessons!