Business, 23.04.2020 15:25 thanks5640

An increase in the market price of men's haircuts, from $18 per haircut to $28 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 35 to 40. When the $28 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 55 haircuts per day.

1. What is the short-run price elasticity of supply?
2. What is the long-run price elasticity of supply?

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An increase in the market price of men's haircuts, from $18 per haircut to $28 per haircut, initiall...