The denotation of a word is simply the definition of the word. The connotation of a word is how people perceive it.
For the word cheap, the denotation would be the official definition (inexpensive). The connotation would be that a person is unwilling to pay a certain amount of money. This is a rather negative connotation since it is used to describe a negative trait.
I hope this helps answer your question! Have a great day!