1. Price of gasoline and car sale in the US.

Data Source: (a) Statista (Transportation & Logistics): Retail Price of gasoline in the United States 1990-2020. (b) U.S. car sales 1951-2020.

Standard Guideline:

You should organize your assignment as follows:

2. Introduction

The Introduction should include what research you are doing (in detail), why this is important, how are you going to conduct research etc.

3. Theoretical Background

Explain what have you learned in ECON1006 about the topic that you are working on. Suppose, you are doing research on "how gasoline price impacts the demand for cars".In that case, include theoretical analysis on the "law of demand", "price elasticity of demand" etc. that you have learned from ECON1006.You might find some interesting articles that did research on exactly the same topic - "how gasoline price impacts the demand for cars". You can review the findings of those articles and cite the article(s) in your group assignment. But make sure you are not plagiarizing.

4. Data and Variables

(Explain what are the variables you have applied in this research. Write in this section - where have you collected data for each variable, i.e., data source. How many years of data you are using in your assignment? etc.)

5. Data Analysis

(Draw and explain figures. Do you see any theory that matches your research outcome? If yes, what theory? Does it support the Law of Demand? Or it does violate the Law of Demand. If it does, why? Give your opinion.)

6. Conclusion.

Briefly explain what was your research, what are the findings from your research, and what is your comment on the findings.

7. Reference

The reference section should include the reference of the data source(s) and the reference of the book or articles that you used in your group assignment.