In this task, you will apply the framework of market equilibrium theory (topic 1) to analyze a real case study – Petroleum Retail Market in Vietnam. The task is designed to help you develop your analytical thinking of the market situations and possible market adjustments to new equilibrium. It is reported that in 2019 the retail prices of petroleum and oil in Vietnam have risen for several continuous hikes (Vietnamnews, 2019). (Reference: Vietnamnews 2019, Petrol prices continue to rise, accessed 12 June 2019, https://vietnamnews.vn/economy/518807/petrol-prices-continue-to-rise.html#LbG4WLvcFeVvd0b5.97 (Links to an external site.)) Based on the knowledge of topic 1 (Demand, Supply and Market Equilibrium), write an explanation for what could be the possible market factors driving the increase of the market prices of the products. Make sure that your writing reviews the essential points below: -Assumption of initial market equilibrium. Investigation of any recent change(s) in market demand and/or market supply of the products. -Evaluation of the current market condition (i.e. relative demand level compared to supply level? shortage or oversupply of the products in the market?). -Reasoning how the market condition is related to the market price. In order to make your explanation convincing to the readers, you need to do some desk research for facts and figures of the market factors – which should be properly cited as the supporting evidence for your writing points above. A graph illustration is also required. Note: I provided the learning material (topic 1)(Demand, Supply and Market Equilibrium) and the marking rubric to score in our school. (there are three criteria in this rubric (HD is the highest score and NN is the lowest score which means fail)
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