DATA Set 5 The copper data consist of 25 annual observations on world consumption of copper, copper price and the exogenous variables required to estimate industry demand and supply equation Data presented are actually valued for 1950-1975 Qc= world consumption sales of copper in 1000 of metric tons Pc = price of copper in cents per pound (inflation adjusted) M= index of real per capita income 1970=100 Pa = price of aluminum in cents per pound (inflation adjusted) X= ratio of consumption in the previous year to production in the previous year (=Qc/Qp) T=technology (time period is a proxy) 1. Estimate the copper industry demand and supply equation 2. Locate copper demand and supply in year 26 3. Calculate the intersection of the demand and supply functions