If the price of a haircut is $10, the number of haircuts provided is 140. If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 200. Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is:

If the price of a haircut is $10, the number of haircuts provided is 140. If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 200. Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is:

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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