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Recently, a massive focus has been made on DR programs, mainly on decreasing electricity price, resolving transmission lines congestion, reliability enhancement and market liquidity improving. Basically, demand response programs are separated into two main groups named, incentive-based programs and time-based programs. The focus of this paper is on Time of Use (TOU) program and Direct Load Control (DLC) program as the common time-based and the most common incentive-based Demand Response (DR) programs, respectively. At first, economic model of programs is developed by using the concept of price elasticity of demand and customer benefit function. The proposed method is appraised by numerical studies based on the selected buses of IEEE 57-bus system for DLC program execution. The impacts of the program on load shape and Expected Power Not Supplied (EPNS) for load specific level before and after program execution are compared for different scenarios.