Opec supply and demand

Formatting and Citations:
The expected length of the paper is two pages, double spaced with one-inch margin.
The font should be Times New Roman, and font size should be 12.
You are expected to follow the Chicago Manual of Style Author-Date system for formatting and citations.
Chicago Manual of Style Author-Date

For citing data sources refer to the following website:

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Opec supply and demand
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Your paper should be coherent and based on actual analysis of the economic data obtained from reliable sources and not just your opinion.
It should have a title, an introduction, and a conclusion. Your paper doesn’t need to have an abstract.
You should refer to and cite at least two of the three data sources mentioned under the section “Data Sources.”
If you use material from the textbook or other publications, they must be cited following Chicago Manual Style Author-Date format.
Your reference list will not count towards the two-page limit.
Your assignment must be your independent work.

Grading Criteria:

Part – A:

-Correctly identifies the market structure that describes OPEC

-Provides a brief description of OPEC and includes examples of member countries.

-Explains the historical impact and the current impact of OPEC on crude oil prices.

(10 points)
Part – B:

– Explains clearly how price elasticity of demand and supply have impacted OPEC’s ability to influence global oil prices

-Articulates clearly, how the price elasticity of demand varies across short run and long run, with relevant examples.

– Articulates clearly, how the price elasticity of supply varies across short run and long run, with relevant examples.

(60 points)

– At least three outside resources are mentioned, and they are cited following the Chicago Manual Style Author-Date format.
(10 points)
Formatting and Citation:
-The paper has an introduction and a conclusion.
– Follows styling, format and citation procedures correctly.

(10 points)
-Uses college level diction
-No or few errors in grammar and punctuation
(10 points)
Total points
(100 points)

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