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1. Define price elasticity of supply
2. Calculate PES using the formula
3. Interpret PES values

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1. Identify key factors affecting PES
2. Explain how time periods impact PES
3. Analyze the role of spare capacity in PES

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1. Evaluate how PES affects business decisions
2. Assess the impact of PES on market dynamics
3. Apply PES concepts to real-world scenarios

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Students can:
1. Accurately define PES and its significance
2. Correctly calculate PES for given scenarios
3. Explain the meaning of different PES values

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Students can:
1. List and describe at least 3 factors affecting PES
2. Differentiate between short-run and long-run PES
3. Explain how spare capacity influences supply responsiveness

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Students can:
1. Provide examples of how businesses adapt to different PES scenarios
2. Analyze market outcomes based on PES
3. Apply PES concepts to predict market behavior

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Direct instruction: Introduce the PES formula and demonstrate calculations with simple examples.

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Paired activity: Students work in pairs to solve PES calculation problems, discussing their approaches.

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Group activity: Create a collaborative mind map on Padlet showcasing factors affecting PES and their relationships.

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How to Create Mind Maps and Webs With Padlet

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Technology-enhanced learning: Use an online simulation to demonstrate how time periods affect PES in various industries.

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Wait for your instructor to give you a login and password (and then connect to the game via the topbar). For any question or suggestion, This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

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Group discussion: Analyze real-world case studies of businesses with different PES, discussing implications for their strategies.

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Price Elasticity of Supply – Microeconomics for Managers

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The elasticity measures encountered so far in this chapter all relate to the demand side of the market. It is also useful to know how responsive quantity supplied is to a change in price.

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Class debate: Divide the class into two groups to argue the advantages and challenges of having elastic vs. inelastic supply.

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Creative activity: Students role-play as producers in markets with different PES, reacting to price changes and explaining their decisions.

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Group project: Create infographics on Padlet illustrating the implications of PES for businesses in different industries.

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Technology-enhanced learning: Participate in an interactive online quiz game testing knowledge of PES concepts and applications.

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Behavioural economics Business economics Competitive markets Crypto Definitions Factors of production Forex Trading Global economics Information Failure Labour markets Managing the economy Market Failure Market failures Profiles Questions Quiz Right Rail Uncategorized Updates YouTube

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Independent research: Students research and present findings on the PES of a chosen product or industry, explaining influencing factors and implications.

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Throughout the lesson, check students' understanding by reviewing their PES calculations and interpretations.

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Observe and assess students' participation and understanding during group activities and debates.

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End-of-lesson quiz covering PES calculations, factors, and implications for businesses.

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Customizable content library Browse through 30M+ activities spanning all topics and subjects Build from scratch, copy entire activities, or make your own quiz by mixing and matching content to meet your students' needs

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Provide visual aids and graphs for students who learn better with visual representations of PES concepts.

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Offer simplified PES calculation scenarios for students who need additional support. Basic questions include:
1. What is the formula for calculating PES?
2. What does a PES value greater than 1 indicate?
3. Name one factor that can affect PES.

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Challenge high-achieving students with complex, real-world PES scenarios and their economic implications.

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Pair students of different abilities for peer tutoring during practice activities.

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Use flexible grouping strategies to support different learning needs during group activities.

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Provide written, verbal, and video explanations of PES concepts to cater to different learning styles.

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Offer tiered assignments with varying levels of complexity for PES applications and analysis.

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Provide additional resources and readings for students who want to explore PES topics in greater depth.

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Students create a concept map summarizing key PES ideas and their relationships.

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Students write down 3 things they learned, 2 things they found interesting, and 1 question they still have about PES.

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Discuss a current news article related to PES, encouraging students to apply their learning to real-world situations.

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Students complete an exit ticket explaining how they might use PES knowledge in their daily lives or future careers.

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Students analyze a given case study of a business facing changing market conditions, applying PES concepts to explain and predict the business's reactions.

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Create an infographic explaining PES, its influencing factors, and implications for a specific industry of the student's choice. Students can use Padlet to showcase their infographics and provide peer feedback.

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Free template to create impactful economic infographics. Ideal for presenting financial data, corporate statistics, and market trends. Easily customize and edit for effective and visual learning.