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 25 to 30. When the $25 market price remains unchanged for several weeks and all other things remain equal aswell, the barbershop hires additional employees and provides 45 haircuts per day.

What is the short-run price elasticity of supply?

What is the long-run price elasticity of supply?