An increase in the market price ofmen's haircuts, from $16 per haircut to $26 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 $26 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? (Your answer should have two decimal places.)

What is thelong-run price elasticity ofsupply?(Your answer should have two decimal places.)