# Elasticity of supply for haircuts

1) If the price elasticity of demand for used cars priced between \$3,000 and \$5,000 is Ac€?o1.2 (using the mid-point method), what will be the percent change in quantity demanded when the price of a used car falls from \$5,000 to \$3,000?

2) Suppose that when the price of peanut butter rises from \$2 to \$3 per jar, the quantity of jelly purchased falls from 20 million jars to 15 million jars.
Instructions: Round your answer to three decimal places and include a negative sign if appropriate.
The cross-price elasticity of demand between peanut butter and jelly using the midpoint method is_________.

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3)If the price of a haircut is \$15, the number of haircuts provided is 100. If the price rises to \$30 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 300.

Instructions: Round your answers to two decimal places.

The price elasticity of supply for haircuts between \$15 and \$30 using the mid-point method is _______.