Saturday, May 23, 2020

Social Isolation Of The Elderly Essay - 1408 Words

Social isolation is a major social problem with health and economic implications globally (Cornwell and Waite, 2009; Gallie, Paugam, and Jacobs, 2003). It is reported to be associated with poor physical and psychological health among older adults (Findlay, 2003; Pettigrew, 2007). Additionally, social isolation also affects an individual’s well-being (Victor et al., 2000). Over the past 40 years, consistent research has been done on well-being of the elderly to reduce social isolation. Previous literature examining social isolation of the elderly has looked at it from a healthcare, sociology and psychology perspective (e.g. Bild Havighurst, 1976; Noà «l et al., 2004; Tse, Leung and Ho, 2012). In the healthcare literature, scholars have discovered pain, impairments, and chronic medical illnesses negatively affect older adults’ lives (e.g. Bild Havighurst, 1976; Noà «l et al., 2004; Tse, Leung and Ho, 2012). It is proposed that active social contact involving creativity and mentoring should be encouraged to help improve physical well-being of the elderly (e.g. Tennstedt et al., 1998; Ciechanowski et al., 2004; McAuley et al., 2000). In sociological studies, social functions such as social interaction, social roles and social networks (Blazer, 2000) play an important role in the well-being of older adults (e.g. Grubb et al., 2011; Lee and Szinovacz, 2016; Davidson, Daly and Arber, 2003). It is suggested that older adults’ subjective well-being can be improved through moreShow MoreRelatedSocial Isolation And The Elderly1689 Words   |  7 PagesMany of the elderly find themselves living in isolation. There are many reasons why the elderly will find themselves living alone and in isolation. Many times caregivers have difficulty intervening. Social isolation can have many effects on the health status of the elderly. When alone the mental, physical and even the nutritional status of the older person can be affected. Trying to get the person to accept that they are being isolated can be difficult. There are a few resources that can have aRead MoreSocial Isolation And Loneliness Among Elderly1380 Words   |  6 Pages Social Isolation and Loneliness among elderly Howetta Queenborrows Introduction to Gerontology Professor: Alda Tee October 27th, 2014 â€Æ' As we get older, our social connections often gets smaller, only having things or people that are extremely important to us. In this paper we will be examining the social-psychological problems; social isolation and loneliness that are faced by elderly by facilitating the response to five main discussion topics. The following discussion will facilitate the understandingRead MoreThe Effects Of Media On Children s Mental And Physical Health1228 Words   |  5 Pagesand more isolated, senior citizens. The isolation may come as a surprise but according to the U.S. Census 28% of people 65 and older lived alone in 2010 (AARP) . There are many risks that isolation causes for everyone but it is even more detrimental to the elderly. Major risks from isolation are an increased risk of mortality adults aged 52 older along having a large impact in high blood pressure (social). This is due to the crippling effects that isolation can have on a person’s mental and physicalRead MorePsycholog ical Factors Affecting Social Isolation845 Words   |  3 PagesSocial Isolation Social isolation may be defined as the absence of social interaction, contacts, and relationships with family and friends, with neighbors on an individual level, and with society at large on a broader level. Social isolation is considered a risk factor in the development of disease and the disabilities that can occur in the course of an existing disease. Social support may be defined as the resources provided by other persons including emotional social, physical, financial, andRead MoreSocial Intervention For Depression And Social Isolation1599 Words   |  7 PagesSocial Intervention for Depression and Social Isolation Among the Elderly Social isolation can be a major health problem for many older adults (Dickens, Richards, Greaves, Campbell, 2011). Social isolation involves, individuals lacking social connections and engagement with others (Nicholson, 2012). Depression in elderly populations has become more prevalent with the aging population (Pittock, 2012). Depression has negative effects on many facets of an elderly persons life, including quality ofRead MoreThe Elderly Should Receive More Geographical Attention921 Words   |  4 PagesThe elderly are a rapidly growing demographic group, estimated to reach 16.9 million people by 2035 in the UK due to low fertility rates, improved healthcare and thus longer life expectancy (Rutherford 2012). This is problematic as many elderly people experience multiple exclusion (Age Concern England 2008), which intensifies once over 75 years of age (De Markokos 2008). This is due to the ‘social model’, whereby as ageing occurs the elderly progressively withdraw f rom society, especially in WesternRead MoreSupporting the Elderly Essay797 Words   |  4 Pagesanother phase of life, but not the end of life. In order to help elderly cope with aging it is important for them to have social interaction. Support from family, friends and the local community can make a difference in the psychological well being of older adults. There is great concern for the increasing amount of elderly people without children. Childlessness can not be directly linked to loneliness and depression in the elderly, but there is some evidence that it can have an effect on theirRead MoreInfluence Of Elder Abuse Based On Race And Race932 Words   |  4 Pageschild on the older adult has a strong correlation with social relationships among one another, with people outside the family and the social isolation of the abused elderly (von Heydrich, Schiamberg, and Chee, 2012). There is limited or no social support systems for the older adult or the child caregiver. One way of looking at social isolation is viewed that the caregiver is using the isolation as a weapon against the abused elderly. With isolation enforced then it prevents outsiders to intervene correctlyRead MoreRobotics Changes the World848 Words   |  4 PagesFrontiers of Robotics† shows the unavoidable of the use of robots in the future and ethical problems that come together (p. 357). According to Sharkey (2008), there are positive and negative aspects of the robots use for care for children and the elderly, and the use of autonomous robots in the military (p. 358). Sharkey claims that using robots in our daily life would have both positive and negative sides because robots can assist in our busy world, act as a substitute for soldiers, but can alsoRead MoreEffects Of Social Isolation On Health941 Words   |  4 PagesSocial interaction is important to every aspect of our life. This is because it connect people live together in impart for love, friend and support. Social interaction and social support are one of the important component in predicting the health and well-being. In fact, there is a relation between the degree to which a person feels connected to others or community and their health. However, some individuals are short of participation, activity and communication which is a result of social isolation

Monday, May 18, 2020

Bel Implex Nigeria Limited Management - 1821 Words

PART TWO 2.1 BRIEF OVERVIEW OF BEL IMPLEX NIGERIA LIMITED Bel Implex Limited, the converting arm of Bel Papyrus Limited, the group’s paper mill operation was incorporated by Group Boulos in 2001. Bel Implex is equipped with the best European converting machines. However, Bel is currently producing and distributing several lines and sub-brands of tissue paper such as: facial tissue, toilet tissue, baby wipes, table napkins, kitchen towel, handkerchiefs and diapers. Due to the quality of its products, Bel has maintained an eminent reputation and its market shares grew constantly and steadily over the past years through an efficient distribution network’s everlasting commitment to fulfil the customer’s needs and meet their every expectation. Nevertheless, in order for Bel to increase their shareholders’ worth by creating exchanges that satisfy the objectives of shareholders, the German market in the EU would be the right market for growth expansion and would also position the firm to optimise value creation (Hollensen, 2007). However, the rationale behind this choice of country is due to the fact that customers in Germany are very careful about hygiene compared to some of the Asian and African countries that have other alternatives like water (Euromonitor, 2012).It is also assumed that, like the UK, many of the products in the disposable paper market are considered to be essential by German consumers. Also it assumed that the Germans consume 13.7kg of tissue per year

Tuesday, May 12, 2020

Analysis Of Nathaniel Hawthorne s The Salem Gazette

Nathaniel Hawthorne was an American novelist who was born on July, 4 1804 in Salem, Massachusetts. Hawthorne had once said about his childhood that â€Å"he had felt he had been born into a world of gloom and decay† (Bloom 11). Hawthorne read books of classical literature in his childhood which included â€Å"The Fairy Queen† and the â€Å"Pilgrims Progress†, Shakespearean Works and Gothic Romances. His love for literature followed him to his college years, where he attended Bowdoin College and joined the Athenean Literary Society and began to write a couple of his short stories. After he graduated in 1825, he returned to Salem to his mother’s house and spent more than ten years to perfect his craft of writing. During that time of solitude he generated†¦show more content†¦Mr. Hooper is the Reverend of the Milford Church. One Sunday as the town’s people head to church they see Mr. Hooper with a black veil covering his face. The town’ s people unable to comprehend on the veil go to church to hear the sermon. When the sermon ends the town’s people start gossiping and make theories on why the Minister wears the veil. As time goes on the town’s people get uncomfortable and start to separate themselves from Mr. Hooper. On a last attempt, Mr. Hooper fiancà ©, Elizabeth tries to convince him to no prevail to take veil off and she ends up leaving him. Years pass and Mr. Hooper becomes the recluse of Milford and a legend amongst others who come to look upon the veil. As his death approaches, the Minister of Westbury approaches his deathbed and tries to remove the veil from the Minister face. But with an surge of energy Mr. Hooper seizes his veils and hold it against his face and rebukes the people for not owning up to their sins and with his final breath condemns them all with black veils. The themes in â€Å"The Minister’s Black Veil† are appearance, sins and guilt. Appearance is one of the themes due to how the town’s people shun Mr. Hooper due to veil on his face. When Mr. Hooper comes to church the town’s people immediately take notice of his changed appearance. One of the churchgoers call him â€Å"awful† because of the veil covering his features (Hawthorne 1). Due to his new appearance the

Wednesday, May 6, 2020

The Character of Achilles in Homers Illiad Essay

For centuries now, the character of Achilleus, the great Achaean warrior, has been a subject of major debate among those studying Homers classic epic The Iliad. Ironically, though there is very little physical description of Achilleus in The Iliad, he is perhaps the most thoroughly developed character in the epic. It seems as though Achilleus has a tendency to make a very strong impression on the reader, and often a bad one at that. Those who dislike Achilleus in particular attack his overpowering sense of personal pride, or hubris, in Greek terminology, as demonstrated fully in his actions thought the epic. However, those who sympathize with him are able to see the characters nobility, even despite his stubborn tendencies. He is not†¦show more content†¦Zeus obliges, and the Achaean forces are slaughtered left and right. Then, when Agamemnon realizes his mistake and apologizes, saying I was mad, I myself will not deny it (9.116) and makes a genuine plea to Achilleus to save the Achaean troops, Achilleus does not listen. Agamemnon offers him land, gold, Briseis returned, and his own daughters hand in marriage, and Achilleus still refuses to help. He is content to continue nursing his wounded ego as his friends are being killed by the thousands. Even as the war rages on, and Achilleus actually wants to reenter the battle, his obstinate pride refuses to let him do so unless his own safety is threatened by the fighting. As he recounts, Still I said I would not give over my anger until that time came / when the fighting with all it clamor came to my own ships (16.62-3). Even arguing that a reader cannot understand Achilleus because of cultural differences does not justify him at this point. The manner in which Achilleus deals with this particular situation also brings to light another of his character flaws- a definite tendency towards childishness and immaturity. This is especially apparent in his complete refusal to accept Agamemnons apology. He has no sense of perspective and cannot see the larger picture of what he is doing to all his friends. Odysseus himself accuses Achilleus of being childish and closed-minded, saying Fail us now? What grief it will be to you / through all the years toShow MoreRelatedThe Fury of Achiles in Homers Illiad and Ovids Metamorphoses1066 Words   |  4 PagesAchilles Through the stories in both Homers Illiad and Ovids Metamorphoses one can see the power and the fury of Achilles, one greatest Greek warriors in the Trojan War. In Homers Illiad, Homer illustrates the battle between Achilles Hector, who was the Prince of Troy. In Ovids Metamorphoses, Ovid illustrates the battle between Achilles and Cycnus, who is the son of Neptune. In both battles, the outcome is the same both warriors are slain by Achilles. While both stories have the same endingRead MoreCharacteristics Of A Hero In The Illiad979 Words   |  4 Pagesanything in between. People tend to think about unrealistic heroes who wear crazy outfits and capes and have a different they hide behind, but during the time of the Ancient Greeks, they had slightly different thoughts on heroes. When it comes to The Illiad by Homer, one of the biggest things focused on is the image of the hero. Homer never directly gives the answer to the question â€Å"What makes a good hero?†, but he does write about many heroes, and through the writings it is easy to pick up what qualitiesRead MoreThe Heroic Code1182 Words   |  5 Pagesdecisions often affect the lives of others as well. They need the heroic code to guide them in their decision making. In this essay, I will describe the heroic code and share its applications in the stories of Beowulf, Gilgamesh and Noah, and The Illiad, as well as my other personal experiences. I will start with the story of The Man of La Mancha, which is a play based on the story of Don Quixote. In this story, you have a rather deranged man on a quest to become a knight. In order to become aRead MoreThe Greeks and The Illiad Essay examples1378 Words   |  6 PagesThe Greeks and The Illiad The Iliad was a masterpiece of a work, which entertained and gave a description of how the Greeks lived out their lives in battle and at peace. The Iliad, by Homer, is an epic classic set in Ancient Greece. The story ,in its own, contained the use of epic characteristics, which reveal further characteristics of the Greeks. A large influence on the book, was the Greeks religious and mythological stance along with their strengths and weaknesses that were alsoRead MoreGender Roles in the Illiad1517 Words   |  7 PagesGender Roles: Hector in The Iliad In Homer’s Illiad Hector, one of the primary leaders of Trojan forces and also a prince of the fated city of Troy fulfills the male gender expectations defined through prowess in war. However, male’s heroism is driven by the fear of shame and dishonor in war. Hector is an mortal character in Homer’s Iliad and all Hector seeks is war-glory, and he believes that one must die with a cause. He fears the indignity that he believes will come should he not fight noblyRead MoreLiterary Analysis Of The Iliad1050 Words   |  5 Pagesbetween the characters of the epic. Like all stories, The Iliad is filled with literary devices to allow the readers to garner a better understanding of the motivations of each character throughout encounters. Translators have to maintain the nuances of each situation while accounting for an unavoidable skewing from the original passage. In reality, this means that translations differ. A key example of this occurring in the Illiad is during Odysseus speech attempting to rally Achilles to war. WhileRead MoreThe Bronze And Iron Age Essay2093 Words   |  9 Pagesthrough war and other things. Here is just an example of Homer’s poetry â€Å"He cast on the fire bronze which is weariness, and tin with it and valuable gold and silver and thereafter set forth upon its standard the great anvil, and gripped â€Å". The poems of Illiad depict the seige of the city of Ilion or Troy during the Trojan War. The word Illiad itself means something concerned with Ilion. Illion was the city based in the state of Troy. When Illiad was created, is arguable. Some scholars are adamant thatRead MoreThe Aeneid is a poem written by the ancient Roman poet Virgil during the height of the Roman900 Words   |  4 Pagespeople away from Troy and on a journey to eventually found Rome. In the Aeneid, Virgil asserts the importance of one’s commitment to duty, and this assertion reveals that ancient Romans valued and admired one†™s commitment to duty above all other character traits. In the beginning of Virgil’s Aeneid, a storm causes Aeneas’ ship to wreck near Carthage, a civilization located on the northern shore of Africa. It is here, during his stay in Carthage, that Aeneas first demonstrates his full-fledged commitmentRead MoreThe Heroes Of A Hero2033 Words   |  9 PagesTo have a set of skills and qualities to become hero, bravery is genuinely one of the biggest traits one must have to be a hero. Heroic tales usually contains violence in the story. In most heroic novels, books, and poems that feature a main character with a hero’s complex, the source of their power is derived from their heroism undermines their ability to reason. In the books examined there is always a hero or heroine that is tasked with self-discovery, destroying evil, seeking vengeance on evilRead MoreThe Tragedy Hecuba Which Was Written By Euripides Essay1491 Words   |  6 Pagestimes in Athens’ annual City Dionysia, which, as we know, was a dramatic fest ival held in honour of Dionysus. This means that the majority of his audience would have been Athenians, like himself. So, just a quick introduction to the play. The key characters are HECUBA who was the Queen of Troy and wife of the Trojan King Priam, THE GHOST OF POLYDORUS who was the son of Hecuba and Priam, POLYXENA who was their daughter, POLYMESTOR who was the King of the Thrace and was also married to Priam’s eldest

Corruption in the Indian Judiciary Free Essays

Judiciary is in some way at a higher pedestal amongst these three organs because it is the only mechanism to keep the executive and legislature within their jurisdictions by confining them not to abuse or misuse their powers. It controls, corrects or quashes the executive, however high it is, and even sets aside acts of the legislature if it acts contra-constitutionally. Judiciary is the guardian and final interpreter of the Constitution. We will write a custom essay sample on Corruption in the Indian Judiciary or any similar topic only for you Order Now It is a place of utmost trust as it is last resort for the people. It is not negated that corruption is non-existent in certain judicial systems rather it would be fair to say that in some countries corruption is nominal, infrequent and the result of individual, unethical behaviour. It is also evident from the words of the former Chief Justice of India S. P. Bharucha, when he grieved over the rampant corruption in the higher judiciary and brought to notice that around 20 percent judges of the higher judiciary are corrupt. Now the question remains; can the judicial accountability be trusted upon any more?Does the judiciary hold the same value, as it had earlier? Is the judiciary abusing its freedom? Can judges be permitted to do anything in the guise of ‘independence’? These are the questions which still remained unanswered. Judicial Corruption Corruption is the misuse of entrusted power for personal gain. In the context of judicial corruption, it relates to acts or omissions that constitute the use (or it is better to say ‘misuse’) of public authority for the private benefit of court personnel, and results in the improper and unfair delivery of judicial decisions.In corrupt judiciaries, citizens are not afforded their democratic right of equal access to the courts, nor do the courts treat them equally. The m erits of the case and applicable law are not paramount in corrupt judiciaries, but rather the status of the parties and the benefit judges and court personnel derive from their decisions. In corrupt judiciaries, rich and well-connected citizens triumph over ordinary citizens, and governmental entities and business enterprises prevail over citizens. No civilised society can command the people’s confidence if the judicature’s verdict is privately purchased at a competitive price.Corruption and Indian judiciary A judicial scandal has always been regarded as far more deplorable than a scandal involving either the executive or a member of the legislature. The slightest hint of irregularity or impropriety in the court is a cause for great anxiety and alarm. In last one decade, there are a number of instances where a judge is found to be involved in corrupt practices. This demands a close look in these scandals because if judiciary itself gets corrupted who will judge others. Before taking these scandals we should know the current legal position on corruption as applicable on judges laid down in Veeraswami case. Veeraswami Case This case is important in many ways. This was the first case where corruption charges were alleged against a judge of higher judiciary. This case dealt with many issues viz. whether judge of a high court or Supreme Court is a ‘public servant’ or not; who is the sanctioning authority for prosecuting a judge of a high court or Supreme Court under the Prevention of Corruption Act, 1947; whether Prevention of Corruption Act, 1947 (hereinafter referred as Act) is applicable on judges or not etc. Before taking these issues in detail, let us know background of the case.The appellant had committed offence under section 5(2) read with clauses (b), (d) and (e) of section 5 (1) of the Act. On perusal of the charge sheet the special judge issued process for appearance of the appellant. The appellant thereupon filed a petition under section 482 of Cr. P. C. before the Madras High Court for quashing the prosecution. The Full Bench of the high court by a majority view has dismissed his case. However, in the view that the constitutional question involved in the case the high court granted certificate for appeal to the Supreme Court.A five judge Bench of the Supreme Court heard the matter and four judgments were delivered. Shetty J. authored the leading judgment, with Venkatachaliah J. , signing with him. B. C. Ray J. wrote a separate but concurring judgment. L. M. Sharma agreed to dismiss the appeal but differ on some issues. Verma J. dissented. RECENT EPISODES In the last one decade, a number of instances unveiled by media and other active organizations where judges were involved in corrupt practices, which show that how corruption has crippled Indian judiciary. Some of them are discussed hereafter;Justice Soumitra Sen’s Issue In an unprecedented move by the CJI, wrote a letter to the prime minister, recommending that the proceedings contemplated by article 217(1) read with article 124(4) of the Constitution be initiated for removal of Justice Soumitra Sen, Judge, Calcutta High Court. 25 This recommendation was made on the basis of suggestions made by an In-House Committee, in a report submitted to the CJI that Justice Sen be removed from the office. The Committee has in its report accused Justice Sen of breach of trust and misappropriation of Reciever’s funds for personal gain.The in-house committee found that Soumitra Sen did not have honest intention, since he mixed the money received as Receiver and his personal money and converted the Receiver’s money to his own use. The motion for his removal is not yet initiated. It is expected that the history will not be repeated. If it is repeated it would be a dishonor upon the Indian judiciary and its accountability. Cash-for-Judge Scam CJI Balakrishnan is the first Chief Justice of India who has granted permission to an investigating agency to register of a criminal case against judges of Punjab Haryana High Court. This is for the first time that power conferred by Veeraswami case is exercised by any CJI. He allowed the CBI to interrogate two judges of the Punjab Haryana High Court, Nirmaljit Kaur and Nirmal Yadav, in connection with the cash for- judge scam. A law officer sent Rs. 15 lakh to Justice Nirmaljit Kaur’s official residence and later claimed that it was meant for Justice Nirmal Yadav and had been delivered to Justice Kaur by mistake. Apart from these episodes there are few more instances where judiciary got shammed.Like, Justice Jagdish Bhalla, Chief Justice Himanchal Pradesh High Court was also traced in dealing with such mal-practices when he got a plot on nominal price by a land mafia, who was one of the parties to a case before him. In all above stated instances the judges, being a public servant, were alleged to be involved in corrupt practices even though the recourse of the Act was not taken. There is no justification as to why judiciary did not take recourse of the Act and went for process of removal under article 124, which is next to impossible. *** RTI solution has not been edited in keeping with the view of other legal essays. How to cite Corruption in the Indian Judiciary, Papers

Fortescure metal group ltd free essay sample

The research group has undertaken an analysis of Fortescue Metal Group Limited (‘FMG’). The analysis consists of two parts. Part 1 includes a macro economic analysis which reviews FMG’s economic environment and how this impacted on its performance during the years ended 30 June 2008 to 30 June 2012. During this period FMG’s performance was primarily driven by an overall increase in the price of iron ore, underpinned by higher levels of demand for this product from China. It is considered that continued demand for iron ore by Chinese steel producers and continued growth in China’s gross domestic product (‘GDP’) is likely to support the forecast iron ore price of USD120 per metric tonne (‘mt’) and result in future increased revenues for FMG. The recent depreciation of the Australian dollar (‘AUD’) against the United States dollar (‘USD’) will increase the USD profits of FMG as measured in AUD. Part 1 also includes an industry analysis which applies the ‘Porter five forces’ model and concludes that competition is ‘moderate’ meaning there is an opportunity for FMG to earn above average profits. We will write a custom essay sample on Fortescure metal group ltd or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Part 2 is a business strategy analysis which identifies the competitive strategy adopted by FMG. It is considered that FMG has adopted a strategy of ‘cost leadership’ which is consistent with the needs of its customers who purchase iron ore based on price. Part 2 also identifies the key success factors associated with this strategy and the associated risks. It is considered that the business strategies of FMG (expanding production and cost reduction initiatives) are consistent with its chosen competitive strategy and as FMG is successfully implanting these strategies it is maintaining its competitive advantage. A concern regarding FMG’s high interest and financing costs is noted; however an analysis of the company’s cashflow and debt structure allays this concern. For the purpose of the analysis the research group has relied on the information presented in the financial report for the year ended 30 June 2012 (the 2013 report was only recently published on 22 August 2013). Information contained in FMG’s June 2013 quarterly update to the Australian Stock Exchange (ASX) was also used to ensure up-to-date information was considered. 1 Part 1. Macro economic factors and Industry Analysis 1. 1. Economic environment – Macroeconomic factors that impact on FMG’s performance. 1. 1. 1 FMG business activities FMG commenced construction of its initial mine, port and rail assets in 2006 and began shipping iron ore in 2008. 1 FMG’s principal activities are ‘the mining of iron ore from its Cloudbreak and Christmas Creek mine sites, the operation of an integrated mine, rail and port supply chain and the expansion of iron ore operations’. 2 FMG’s segment information for the year ended 30 June 2012 details that 96. 9% of external revenues for the sale of iron ore were received from customers located in China.

Saturday, May 2, 2020

Case Study for The Demand And Supply Of Television Sets In Venezuela

Questions: The table and graph shown below illustrate the demand and supply schedules for television sets in Venezuela, a "small" nation that is unable to affect world prices. In addition to the answer for each item below, describe in a few sentences how you solved each part of the problem. (This will allow the instructor to assign partial credit in case an answer is incorrect.)1. Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import?2. Assume that Venezuela imposes a quota that limits imports to 300 TV sets. Determine the quota induced price increase and the resulting decrease in consumer surplus.3. Calculate the quota's redistributive effect, consumption effect, protective effect, and revenue effect.4. Assuming that Venezuelan import companies organize as buyers and bargain favorably with competitive foreign exporters, what is the overall welfare loss to Venezuela as a result of the quota?5. Suppose that foreign exporters organize as a monopoly seller. What is the overall welfare loss to Venezuela as a result of the quota? Answers: The demand and supply of television sets in Venezuela is given below: From the diagram we can figure out that the demand for television set and the supply of television equates at 450 and the corresponding price of the television set is $325 in Venezuela. So the equilibrium price is $325 and equilibrium quantity it as 450 (McTaggart, Findlay and Parkin, 2012). 1. Now trade opens up and Venezuela imports television sets. The following diagram gives the free trade condition of Venezuela: From the above diagram we infer that the world price of the television set is $150 which is also the free trade price. Here the domestic demand is 800 and the domestic supply is 100. A situation of excess demand of television set by the residents of Venezuela arises, which the domestic suppliers cannot satisfy. An excess demand of 700 (800-100) is covered up by importing 700 quantities of television set by Venezuela (McTaggart, Findlay and Parkin, 2012). Thus the import of television set is of 700 quantities at the world price of $150. Venezuela produces 100 quantities of television sets, consumes 800 quantities and imports 700 quantities of television sets. 2. Now suppose import quota of 300 TV sets is imposed. Then, there is a restriction of import which drives up the price but since Venezuela is a small country, there will be no impact on the world price and it will remain at $150. The free trade equilibrium price is at $150. At this price, the domestic demand is 800 and the domestic supply is 100. The import is given by the difference between the domestic demand and the domestic supply (Pindyck and Rubinfeld, 2013). In this case: Domestic demand Domestic Supply = 700 (800-100) Now Venezuela imposed a tariff of 300 TV sets which restricts trade from 700 to 300. The price goes up to $250. This implies that as quota is imposed consumers now have to purchase from the domestic producer, hence the domestic production increased to 300 TV sets and the domestic demand reduced to 600 TV sets. And so the new price is at $250 (Perloff, 2012). Now the loss in consumer surplus is marked by the area (A+B+C+D) which is due to rise in price because of import quota (McTaggart, Findlay and Parkin, 2012). 3. Now as import quota is imposed there are several effects that arise which are redistributive effect, consumption effect, protective effect and the revenue effect (Krugman and Wells, 2013). All these effects are depicted in the following diagram: Assuming the diagram we conclude that: Redistributive effect= (100*300)-(0.5*100*200) = (30000-10000) = 20000 Consumption effect= (800-600) = 200 Protective effect= (300-100) = 200 Revenue effect= (300*100) = 30000 4. If the import companies of Venezuela organize as buyers and bargain favourably with the competitive foreign exporters then there will be overall welfare loss to Venezuela as a result of the quota (Hubbard and O'Brien, 2013). The loss of surplus is shown by the blue lines in the diagram. 5. If the foreign exporters organize as monopoly seller then the price of the TV sets will be increased and thus the quota will lead to welfare loss to the country. Total welfare loss will be the area B+C+D in the diagram (Hoag, 2013). References Hoag, J. (2013).Intermediate microeconomics. Singapore: World Scientific. Hubbard, R., O'Brien, A. (2013).Microeconomics. Boston: Pearson. Krugman, P., Wells, R. (2013).Microeconomics. New York, NY: Worth Publishers. McTaggart, D., Findlay, C., Parkin, M. (2012).Microeconomics. Frenchs Forest, N.S.W.: Pearson. Perloff, J. (2012).Microeconomics. Boston: Pearson Addison Wesley. Pindyck, R., Rubinfeld, D. (2013).Microeconomics. Boston: Pearson.