Microeconomics 4th Edition by Jefferey M. Perloff

Due to the recession that lowered incomes, the marginal prices for last minute rental in the U.S. . The market prices for last minute rentals of U.S. beachfront properties were lowered than usual. Suppose that the demand function for renting a beachfront in Ocean City, New Jersey, during the first week of August is Q=1,000 -p + Y/20, where Y is the median annual income of the people involved in this market, Q is the quantity, and p is the rental price. The supply function is

Q = 2p- Y/20