How to Allocate more memory to IIS 7 to improve performance

Hello Friends,


We have Windows 2008 R2 64-bit Operating system
- IIS 7
- asp.net application (3.5)
- server has 32GB of physical memory.

We have an ASP.net application running on this server and its currently serving around 100 users only. but it will increase upto 1000 users

I realised after visiting 100 users Site working too slow

Now couple of questions about the IIS :

1) Does Windows allocate certain memory for this IIS 7 process by default ? if Yes how much is it ?

2) Can we increase the memory allocation for the IIS 7 process on this server, just to make
     sure there are no performance bottle necks due to improper memory/resource allocation
    from the server hardware to the IIS process?

3) Does IIS has some configuration where all the memory related or IIS related parameters
    are set ?