economic theory of supply and demand

Approximately 1500 words.
addressed learning outcomes a. Have a fundamental understanding of macroeconomic and microeconomic concepts; b. Recognize how these two factors affect business activities in the economy; c. Recognize current domestic and global economic issues; d. Apply analytical skills to a variety of economic issues.
Date of Submission: After Week 10 Late assignments will be assessed a 5% daily penalty.
Assessment Summary: A 1500-word report on an economic topic that affects supply and demand (see Assessment Description)
Marks totaled 100 points.
20% of the overall assessment is weighted.
Students are informed that late submissions will result in a 5% penalty every day, calculated from the final grade, i.e., a penalty of 2 marks per day for a task with a final grade of 40.
Please see View Doc Student Policies and Forms at https://kent.rtomanager.com.au/ for further details. Assessment Description
A 1500-word report on the supply and demand for oil is required.
Supply and demand play a role in determining the price of oil. Compared to its peak price two years ago, the price of oil has already decreased by less than half.
a) Explain why the price of oil has fallen so much despite the fact that it is essential for both residential and industrial use, using your knowledge of supply and demand economic theory.
b) Some countries will gain from the drop in the price of oil, while others will suffer losses. How will the economies of massive oil-importing nations like China or India be impacted by the drop in oil prices?
ii) significant oil exporters like Saudi Arabia or Iraq?
iii) massive oil reserves but high domestic oil demand, like the USA or Indonesia?
c) Obviously, there will be winners and losers at the business and industry level as a result of the sharp decline in oil prices. List and describe: i) the companies and sectors that the decline in oil is most likely to benefit. ii) the companies and industries most likely to suffer from the decline in oil prices.
Sections of reports:
The following sections should be included: Executive summary; use of supply and demand economic theory to identify winners and losers in the decline in coal prices; bibliography and appendix; conclusion
Your report has to contain:
• Appropriate written composition Consult the report-writing section of the Academic Learning Skills handout.
• Use of Harvard referencing for all sources Consult the handout on referencing academic learning skills.
• Four academic sources, not counting the text book.
If you need help with this or any other assignment, contact the Academic Learning Skills team. They can assist you with assignment-related issues such as understanding the task, publishing checking, structure, referencing, and others.
Assessment Submission: In order for your work to be graded in Week 10, you must submit it to MOODLE (which is automatically linked to TURNITIN to check for plagiarism).