An increase in the market price of men's haircuts, from$15 per haircut to $25 per haircut, initially

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An increase in the market price of men's haircuts, from$15 per haircut to $25 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. When the $25 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. What is the short-run price elasticity of supply? nothing (Your answer should have two decimal places.

Short-Run price elasticity of supply:

Long-Run price elasticity of supply:

Posted Date: May 19, 2024 12:00 AM

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An increase in the market price of men's haircuts, from$15 per haircut to $25 per haircut, initially

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