Use economic analysis to explain changes in the price of Nickel over the period shown in Figure 2 and why the price fluctuations have been so great.
Figure 2 below shows the world price of Nickel over the past five years. It can be seen from Figure 2 that the price of Nickel has fluctuated a great deal during this period. For example: between January 2014 and May 2014 the price of Nickel increased by 42%. In an essay of 1500 words or fewer, use economic analysis to explain changes in the price of Nickel over the period shown in Figure 2 and why the price fluctuations have been so great.

(GRAPH)

(Graph tittle) Figure 2: Monthly spot price for Nickel in USD per metric tonne (US$/MT) from January 2014 to August 2018.
On successful completion of the module, the student will be expected to be able to demonstrate the following:
Knowledge and understanding
Intellectual, practical, affective and transferable skills
LO 1. Assess the ways in which resources are allocated within market based economies.
LO 2. Explain how firms and individuals are affected by different market structures, market failures, and the macroeconomy.
LO 3. Apply economic principles to the real world and communicate the results effectively.