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Demand and Supply Practice Use economic analysis to determine what happens to the price and quantity of cereal in each Quiz Income_Elasticity_Demand. Uncategorized Economics Guided Reading Answers. Chapter 5 Section 1 Understanding Supply Worksheet Answers. Chapter 5 Practice Worksheets and Answer Keys. The most secure digital platform to get legally binding, electronically signed documents in just a few seconds. Additional Web resources and Interactive Puzzles are also available. A graph that shows the relationship between price and the quantity that producers are willing and able to supply. Demand includes the ability and willingness to pay for it. 2 What you will learn in this chapter: Definition of elasticity ¾price elasticity of demand ¾income elasticity of demand and ¾price elasticity of supply Factors that influence the size of elasticities How elasticity affects the incidence of a tax, and who bears its burden? 3 Defining and Measuring Elasticity. 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