Write a paper Estimating Oil Elasticities from Nonlinear Demand Functions.

“Crude oil prices collapsed in March 2020, recording their deepest monthly drop since the global financial crisis in 2008. The ramifications of the COVID-19 pandemic were the main driving force, resulting in unprecedented worldwide oil demand shock and massive sell-offs in the global oil markets, amid a significant crude surplus. The OPEC Reference Basket (ORB) value was down by $21.61, or 38.9%, m-o-m, to stand at $33.92/b, the lowest monthly value since September 2003.” OPEC Monthly Oil Market Report, April 2020.The main purpose of this project is to analyze the oil market amid Coronavirus outbreak and estimate oil elasticities. You should note the following:1. For project description and steps, you should read ECON 503 Course Project.pdf file2. The final version should follow United Nations Conference for Trade and Development, see UNCTAD (1993).pdf file3. It is strongly recommended to read the latest Monthly Oil Market Report, April 2020, see OPEC_MOMR_April_2020.pdf fileChosen country of choice for the paper – USAYou can add tables/graphs if needed