LESSON OBJECTIVE: are shared with the student for awareness and expectation of lesson outcome.
At the end of the lesson, the students will be able to;
- 2.7.1 define price elasticity of demand (PED). 2.7.2 Calculate PED using the formula and interpret the significance of the result. Draw and interpret demand curve diagrams to show different PED. 2.7.3 Determinants of PED -The key influences on whether demand is elastic or inelastic. 2.7.4 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.
2.7.5 Significance of PED - The implications for decision making by consumers, producers and government.
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