The country of robinya has a tax system identical to that of the united states. suppose someone in robinya bought a parcel of land for 10,000 deera (the local currency) in 1970 when the price index equaled 100. in 2010, the person sold the land for 100,000 deera, and the price index equaled 500. the tax rate on nominal capital gains was 20 percent. compute the taxes the person paid on the nominal gain and the change in the real value of the land in terms of 2010 prices to find the after-tax real rate of capital gain.

An increase in the market price of men's haircuts, from $16 per haircut to $26 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 $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)