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Q1) In a local? market, the monthly price of Internet access service decreases from ?$40 to ?$30 and the total quantity of monthly accounts across all Internet access providers increases from 80,000 to 180,000.
What is the value price elasticity of? demand, expressed as a positive? number?
Q2) An increase in the market price of? men's haircuts, from ?$12 per haircut to ?$22 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 ?$22 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?
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