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The inverse demand for Tires is: P = .025 I - 1.75Q D The current market price is $21 and average income ( I) is

The inverse demand for Tires is:

P = .025I - 1.75Q_D

The current market price is $21 and average income (I) is $10,990. (19 Points)

Calculate the markets total Demand?

Calculate the market's consumer surplus. Draw the Demand Curve and identify the price quantity and label the axes for price and quantity.

Calculate the price elasticity of demand at the equilibrium output.

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