An increase in the market price ofmen's haircuts, from $10 per haircut to $20 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 $20 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?

What is thelong-run price elasticity ofsupply?