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Work overtime to increase number of daily haircuts

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An increase in the market price of mens haircuts, from $15 to $25 per haircut, 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 as well, the barbershop hires additional employees and provides 45 haircuts per day What is the short run price elasticity of supply? (round answer to 2 decimal places)

Reference no: EM131536560

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