Find the market equilibrium price-quantity

Question

The market demand and supply functions of copper are as follows:

Q_D = 10 -50PC + 0.3I + 1.5TC + 0.5E where:

Q_D = quantity demanded of copper (millions of pounds)

P_C = price of copper ($ per pound)

I = consumer income index

T_C = telecom index

E = expectation index

Q_S = -86 + 90PC â?" 1.5W + 0.5T + 0.4N where:

Q_S = quantity supplied of copper (millions of pounds)

P_C = price of copper ($ per pound)

W = an index of wage rates in the copper industry

T = technology index

N = number of active mines in the copper industry.

Q1. Given the following values for the non-price variables, find the market equilibrium price (PE) and quantity (QE):

I = 100, TC=10, E=30, W=10, T=30, N=40

Q2. Discuss the impacts on the market equilibrium price (PE) and quantity (QE) of a 10 percent increase in consumer income index.