Due to a recession that lowered incomes, the 2008 market prices for lastminute rentals of U.S. beachfront properties were lower than usual. Suppose that the inverse demand function for renting a beachfront property in Ocean City, New Jersey, during the rst week of August is 2000 Q Y = + P 20 . where Y is the median annual income of the people involved in this market, Q is quantity, and p is the rental price. The inverse supply function is Q Y = + p 4 40' Derive the equilibrium price, p", and the quantity, 0', in terms on. The equilibrium quantity, Q*, is t Y Q 1600 + 50 . The equilibrium price, p', is 400 BY * = + _ p 100 dp Use a supplyand-demand analysis to show the effect of decreased income on the equilibrium price of rental homes. That is, nd W' dp_ dY' . (Enter a numeric response using a real number rounded to three decimal places.)