Covid-19: The Global Shutdown - The Pandemic: Impact of the Virus - Management Assignment Help

Assignment Task:

Task:

Question 1 (13 marks)

You learnt that the Organisation of Petroleum Exporting Countries (OPEC) decided to reduce the supply of oil by 9.7 million barrels per day from May 2020. In this context, answer the following questions. 
 

Question 1A: Name and describe the phenomenon which involves such joint decision- making. What are its advantages and disadvantages? (2+2 marks)
 
Question 1B: What made OPEC decide to cut the supply of oil? What was the desired outcome of the decision? What was the change in the supply and demand curves of oil and the subsequent market equilibria? Analyse the changes both before and after the decision to reduce supply. (1 + 1 + 3 marks)
 
Question 1C: What market structure does the OPEC operate in? What are the key features of such a market structure? (1 + 3 marks)
 
Question 2 (12 marks)

Suppose you own a small Italian news website. Your team consists of journalists who write news articles on the website. The wage of each journalist is €3000 per month. Your office building and utilities cost €8000 per month. The business earns ad revenue on each article it produces.
 
From past experience, you know the number of articles you can produce based on the number of journalists you employ.
 

No. of Journalists No. of articles per month
1 15
2 29
3 42
4 54
5 65
6 75
7 84
8 92
9 99
10 105

 
You may use the following Excel sheet to help with calculations.

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