III. John is currently 25 years old. He has $10.000 saved up and wishes to deposit this into a savings account which pays
him JI2 = 6% p. a. He also wishes to deposit $X every
month into that account so that when he retires at 55. he
can withdraw $2000 every month end to support his
retirement. He expects to live up till 70 years. How much
should he deposit every month into his account? (10
Marks)

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.)