2. (20 points) (a) Assume the demand function of a product X is: Qd = 95 -4Px - 3Py + 2.5M, where Qd is quantity of product X demanded, Px is unit price of product X, Py is unit price of product Y, and M is average monthly income of consumers of product X (in thousands of dollars). If the unit price of product Y is $25 and the average monthly income of consumers of product X is $8,000, clearly show your steps and derive the inverse demand function. (b) Draw the demand curve for the product. Clearly show your steps and calculate the consumer surplus when quantity demanded of X is 25 units. (c) Carefully interpret your estimated consumer surplus in (b). 3. (20 points)