An increase in the market price of men's haircuts, from $10 per haircut to $20 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 45 to 50. When the $20 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 65 haircuts per day.

What is the short-run price elasticity of supply?

What is the long-run price elasticity of supply?