If the inverse demand function for books is p=64-Q and the supply function is Q = P, what is the initial equilibrium? What is the welfare effect of a specific tax of t = $4? The initial equilibrium quantity is (round your answer to the nearest integer). The specific tax of t = $4 creates a deadweight loss of $ (round your answer to two decimal places

If the inverse demand function for books is p=64-Q and the supply function is Q = P, what is the initial equilibrium? What is the welfare effect of a specific tax of t = $4? The initial equilibrium quantity is (round your answer to the nearest integer). The specific tax of t = $4 creates a deadweight loss of $ (round your answer to two decimal places

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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