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An increase in the market price of men’s haircuts, from $20 per haircut to $30 per haircut, initiall

An increase in the market price of men’s haircuts, from $20 per haircut to $30 per haircut, 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 $30 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40haircuts per day.What is the short-run price elasticity of supply? ________(Your answer should have two decimal places.)

 

Apr 27 2020 View more View Less

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