The price of coal is determined by supply and demand. The price of coal has dropped to half now compared to its peak price two years ago.a) Based on your understanding of the economic theory of supply and demand, describe why the price of coal has continued to fall so much even though coal is a necessity for industrial and domestic consumption.b) With coal price falling, there will be some countries that will benefit and some countries which will lose out. How would the fall in price of coal affect the economies of:i) huge coal importing countries such as Japan or India?ii) huge coal exporting countries such as Australia or Indonesia?iii) huge amount of coal of its own but has a big domestic consumption of coal such as USA or China?c) Obviously with the huge fall of coal, there will be winners and losers at the business/industry level. Identify and describe:i) the businesses/industries likely to benefit from the fall of coal. ii) the businesses/industries likely to lose out from the fall of coal.Report sections:The key sections to be included are: Executive summary; Usage of the economic theory of supply and demand, describe the winners and losers in the fall in the price of coal; Conclusion; Bibliography and Appendix.Your report must include:• Correct written structure. Refer to the Academic Learning Skills handout on report writing.• Harvard referencing for any sources you use. Refer to the Academic Learning Skills handout on Referencing.• A minimum of 4 academic references (including the text book).