Question: If the inverse demand function for books is p equals 6 4 minus Upper Qp = 6 4 Q and the supply function is Upper

If the inverse demand function for books is
p equals 64 minus Upper Qp=64Q
and the supply function is
Upper Q equals pQ=p,
what is the initial equilibrium? What is the welfare effect of a specific tax of
tau
=
$4?

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