An increase in the market price ofmen's haircuts, from $15 per haircut to $25 perhaircut, initially causes
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An increase in the market price ofmen's haircuts, from $15 per haircut to $25 perhaircut, 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 aswell, the barbershop hires additional employees and provides 40 haircuts per day.
What is theshort-run price elasticity ofsupply?
nothing
(Your answer should have two decimal places.)
the short-run price elasticity of supply?
the long-run price elasticity of supply?
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