Pet food recall Essay Example for Free

Pet food recall Essay A recent recall across the United States and Canada has pet owners in frenzy. More than 60 million cans and pouches of pet food have been recalled as they have been linked to 10 cat and 6 dog deaths recently. The manufacturer sells food under 95 different brands, including Wal-Mart, Iams, and Safeway. As of yet the specific ingredient linked to the pet deaths has not been determined. Speculation links the liver failure of the cats to a wheat gluten ingredient. The FDA said that wheat gluten itself would not cause liver failure, but if it was contaminated with metal or mold toxins it could cause liver damage. The chief executive of menu foods, Paul Henderson issued a statement saying, â€Å"Our hearts go out to all of the pet owners across Canada, the United States and Mexico for any losses they experience and certainly for the worry this incident may be causing† (â€Å"Company behind pet†, 2007). Pet owner’s expectations when buying pet food are to keep their pets happy, healthy, and well fed. Many of the products recalled were manufactured under the best pet food names in the industry. Pet owner Chris Wood says â€Å"We love our pets just like children. They are not careful enough with the ingredients they put in pet food. That’s scary† (Molina, 2007). Pet’s are companions that owner’s have a deep responsibility to care for. Implications caused by this recall include worry for one’s pet, having to find a new brand of food not manufactured by menu foods, and in the worse case scenario losing one’s pet to liver failure. The worry alone is taking time and energy from pet owners across the United States, Canada, and Mexico. Pet owners are not only returning the recalled food but are taken precautions that cost a lot of money to ensure the safety and well-being of their pets. A veterinarian at the Animal Medical Center on the East Side of Manhattan, Dr. Ann Hohenhaus, said one cat died there over the weekend of kidney failure linked to the recalled food. Hohenhaus said the Animal Medical Center has tested 143 animals for renal failure since worried pet owners started taking their cats and dogs in for blood and urine tests on Saturday (March 18th, 2007)†(Mathews , 2007). Retailers are taking all measures to reassure pet owners. After the recall â€Å"PetSmart general manager Gary Brown said, ‘Everything on our shelves is 100 percent safe for your pet’(Molina, 2007). Petsmart is offering a full refund on all food purchased between December 3-March 6. A Long Island family whose two year old bull mastiff, Princess, died as a result of the recall are suing Menu Foods. Princess ate nothing but Nutro Foods all of her life and passed away from liver failure. The family is absolutely devastated by their loss. The family filed a lawsuit â€Å"Wednesday against Nutro and manufacturer Menu Foods. The lawsuit, filed in state Supreme Court in Nassau County, seeks unspecified compensatory and punitive damages, said Bobbs attorney, Kenneth Mollins†(Mathews, 2007). Quite often consumers put much research and time into products they purchase. When a consumer makes a purchase they assumed the manufacturer is offering a product that will be satisfactory and meet standards. Menu foods did switch to a new supplier for wheat gluten. As of the March 6, 2007 issued recall Mend Foods has once again changed its wheat gluten supply and is once again stocking shelves with premium pet food. Menu Foods expects losses of 24-60 million dollars for this recall and lawsuits that will prevail as a result of the contaminated pet food.

Sexual Harassment and Diversity in the Workplace :: Workplace Diversity

Introduction Workforce diversity is a new term in business and industry. It is a term that is still uncommon in various areas of the world. Diversity can be considered by taking two different perspectives. Firstly, there are those fundamental individual attributes that make everyone on the earth unique for example disability, personality among others. Secondly, there are those differences that exist based on group membership for example race, ethnicity, and cultural differences among others (Barak, 131). Diversity is being an associate of either an indiscernible or discernible groups that are believed to be mainstream in the society (Barak, 131). Pluralism, on the other hand, is the distribution of supremacy among the many groups of the society (Carroll and Buchholtz, 8). In other words, pluralism means decentralization and diversification of authority from a group of few individuals from the top to the majority at the bottom of the societal hierarchy. Workplace diversity brings about a variety of ethical issues in the places of work. For example, sexual harassment due to sexual orientation, racism and ethnicity, gender issues among others. Sexual harassment is characterized by annoying sexual advances and innuendos meant for others; who think that such actions violate their right or interfere with their work. People take part in sexual harassment because of their sexual desires, or when, they want some sexual favors; prompted by the prevailing situation. For example, employees may be harassed sexually, by their managers, so that they get promotion. Sexual harassment is one of the ethical issues that face managers and employees alike. If it is perceived in an organization, it can strain the relationship between the organization and the society (Carroll and Buchholtz, 4). My personal view Regarding sexual harassment, I personally think that people need to have a more mature way of dealing with issues of sexuality. We need to go about them more carefully and privately. Sexual advances can be made provided the two individuals consent on the same. These advances should not be pegged on certain expectations on favoritism in workplace but can be for the continuity of the genealogy or for the purposes of procreation. Various cultural practices have seen various forms of sexual relationships that exist within the society. As a Christian, I think is wrong and unfair to engage in irresponsible sexual behaviors like sexual harassment. We should bear in mind that it is against Christian teaching and against the ten commandments of God.

Multiple Regression Analysis

Multiple regression analysis was used to measure the relationship between the cost of equity capital and the independent and control variables. It was found that the cost of equity capital is relatively lower when the index of CSR disclosure is higher, reason being immense CSR implementation minimizes the general risk of a company. It was concluded that CSR disclosure in the company's annual reports reduces the cost of capital by reducing information asymmetry and subsequently reducing company's risk which benefits both the investors and speculators. According to Baimukhamedova and Luchaninova (2017) who examined the relationship between corporate disclosure and cost of equity capital on a sample of 37 largest and most liquid firms listed at Kazakhstan Stock Exchange for period 2008 to 2014, the study used multiple linear regression models. The findings indicated that firms with higher level of financial transparency are associated with significantly lower cost of equity capital. The results shown that firm on the Kazakhstan market reduce their cost of equity capital by increasing the level of their voluntary corporate disclosure. Moreover Stanwick (1998) studied the relationship between corporate disclosure and organizational size, financial performance and environmental performance. The objective of the study was to examine the relationship between social performance of the organization and the environmental performance of the organization. Data was collected from 1987 to 1992 and descriptive design was used. Corporate reputation index was constructed. The findings were that social performance was indeed impacted by the size of the firm, the financial performance of the firm and amount of pollution emissions released by the firms. 2.3.3 Corporate Social Responsibility Voluntary Disclosure and the Cost of Equity CapitalA study by Hossain and Hammami (2009) purported that financial results released are the foundation of an organization's budget and performances. The analysis involves comparing a firms performance with that of the others firms in the same industry and evaluating trends over time. Financial analysis involves the use of simple mathematical techniques, an understanding and appreciation of business strategy and future prospects through and examination of financial statements. Financial ratios play a key role in financial management. The extent to which a firm's uses debt financing is what is called financial leverage. Also Botosan and Plumlee (2002) investigated the relationship between cost of capital and annual reports disclosure, timely disclosure (quarterly or other published reports) and investors relations disclosures, they found a negative association for the annual report disclosure, their research showed that the cost of capital is positively related to timely reporting actions which could be attributed to the fact that timely disclosure increase the volatility of the share price by attracting transient investors who trade aggressively on short term earning , however they did not find association between cost of equity financing and investor relations disclosures. In evaluating the relationship between information asymmetry and financing methods (debt and equity financing) of firms listed on the Tehran Stock Exchange from year 2003 to 2010, Mahdi, Vahab and Hamin (2015), found that there no significant relationship between information and debt financing though information asymmetry is positively associated with debt financing, however there was a significant positive relationship between information asymmetry and equity financing. The study was done using secondary dataset of 61 firms were explored where debt and equity financing methods were adopted where data was extracted from financial statements of sample firms and was analyzed in excel and stata. The result of the study showed. In this study used stata and excel. Another study by Mangena, Jing and Tauringana (2016) investigated whether Intellectual capital and financial disclosure jointly affect the firms cost of capital for 125 UK firms listed on the London Stock Exchange (LSE) representing firms across industries from March 2004 to February 2015, data for measuring disclosure are drawn from annual reports. They used descriptive approach as their study methodology. The study found that IC disclosure is negatively related to the cost of equity, the relationship between financial disclosure and the cost of equity capital is magnified when combined with the IC disclosures. It was also observed that IC and financial disclosure interacts on the effects of the cost of equity capital, the analysis of this interactions demonstrates that the effect of financial disclosure on the cost of equity capital is augmented for firm characterized by medium level of IC disclosure. Used stataIn their study, Francis, Nanda and Olsson, (2002) investigated the relation among voluntary disclosure, earning quality and cost of capital. The study was done in Chicago, USA on 677 firms' annual reports and 10-K filings in the fiscal year 2001 using self constructed index of coded items. It was noted that firms with good earning quality have more expansive voluntary disclosure than firms with poor earning quality, on unconditional tests, it was found that more voluntary disclosure is associated with lost cost of capital, however on complementary association between disclosure and earning quality it was noted that the disclosure effect on the cost of capital is substantially reduced or disappear completely. Additionally, Cerf (1961) investigated the relationship between voluntary disclosure of information and the level of profitability, size of the firm and its shareholders in the US market. The methodology used was descriptive approach which focused on analyzing the association between voluntary disclosure of information and the level of profitability on annual reports of 25 different companies listed on the New York Stock Exchange, he found a positive relationship between voluntary disclosure of information and the level of profitability, size of the firm and its shareholders. 2.3.4 Board Size Information voluntary disclosure and Cost of Equity CapitalIn examining the effect of board independence and voluntary disclosure on the cost of equity capital, Setiany et al. (2007) showed that there is a significant relationship between voluntary disclosure and firm's cost of equity capital. The study employed regression analysis on secondary data from companies listed in indonesian Stock Exchange during the period of 2009 to 2012 on a sample of 104 companies in the manufacturing sector. The study concluded that there is no relationship between board independence and cost of equity capital, however the results. However Khemakhem and Naciri (2015) examined the association between board and audit characteristics and the cost of equity capital in Canadian market. The methodology used descriptive statistics on a sample of 139 firm year observation from proxy circulars, proxy statements and annual reports of Canadian companies that were part of S/P & TSX for the period 2004 to 2006. The study found that the size of audit committee and non-duality of the chairman of the board are positively related to the cost of equity capital, also the study revealed that the independence and board size do not affect the cost of capital for firms in the sample. Fauzi and Locke (2012) investigated the role of board structure and the effect of ownership structure on firm performance of New Zealand listed firms. The study employed balanced panel methodology on 79 New Zealand listed firms, it also employed Generalized Linear Model (GLM) to analysis data from annual reports of listed firms for the period of 2007 to 2011.the results of the study show that the board of directors, board committee and managerial ownership have a positive and significant impact on the firm performance. While Hasan et al. (2009) examined the impact of ownership structure and corporate governance on capital structure using a sample of 58 randomly selected non-financial listed companies from Karachi Stock Exchange for the period 2002 to 2005. Data was analyzed using multivariate regression analysis under fixed model approach. The results show that board size is significantly related to capital structure. However, non executive directors on board and CEO/Chair duality have no significant relationship with capital structure. Similarly, Jaradat (2015) investigate the effect of board size, board gender, outside director and CEO duality on the capital structure in Jordanian firms. Observation was done on 129 firms for the period 2009 to 2013. Multiple regression analysis was employed to test the association of secondary data collected from yearly annual reports. The results showed a positive association between board size, board diversity and outside directors and the capital structure, however for CEO duality and capital structure there was no significant relationship. 2.4 Conceptual framework This section will deal with operationalization of variables of the study, measures of voluntary disclosure and measure of the cost of equity capital. Independent variables Dependant Variables VariableIn this study the dependent variable is the cost of equity capital while the independent variables also referred as voluntary disclosure are the general corporate and strategic disclosure, forward-looking disclosure, social and board disclosure and financial disclosure (Barako, 2007) CHAPTER THREE RESEARCH METHODOLOGY 3.1 Introduction This chapter discusses the methods and procedures to employ to conduct the study. This chapter presents details of the research design, population, sampling and sampling procedures data collection methods, data analysis technique data and instruments for data analysis. 3.2 Research Design Research design is the framework the research intends to follow. It describes the nature and pattern the research intends to follow (Makerere University, 2011). Ogula (2005) describe a research design as a plan, structure and strategy of investigation to obtain answers to research questions and control variance. This study will adopt descriptive research design as it describe the characteristic and association voluntary disclosure and cost of equity capital of firms listed at NSE. Based on the secondary data to be obtained from annual reports and accounts of companies quoted in the NSE and company website. The choice of descriptive is motivated by the fact that it involves gathering data, observing and describing the behavior of the data without influencing it in any way (Bryman, 2001). This will be appropriate in the study since it will establish the effect of voluntary disclosure on the cost of equity capital. 3.3 Target Population Mugenda and Mugenda (2009) define a population as sum of all the items considered under a study. According to Ngechu (2004) a population is a well defined set of people, services, elements events or households that are being investigated. The target population for this study will consist of 64 firms listed in NSE (CMA, 2017), however consideration will only be on those which have been continuously trading since 2011 without being suspension or delisting 3.4 Sample Size and Sampling Procedure A sample is sub-group of the target population chosen by the researcher to represent other members of the target population (Amin, 2004). Sampling is the process, technique and procedure of choosing a sub-group from a population to participate in the study. Oso and Onen, 2009) stated that there are two main ways of selecting study sample from the target population, probability and non-probability sampling technique. The study will apply purposive sampling technique to select companies to be included in the study. Kothari (2004) stated that in purposive sampling technique an element is selected though subjectively defined method where the researcher personal judgments play an important role. An optimum sample is one which fulfils the requirements of efficiency, representativeness, reliability and flexibility. The study will comprise of a sample of 20 firms from NSE 20 share index selected based on a weighted market performance in the year 2017 (NSE, 2017). 3.5 Instrumentation and Data Collection Creswell (2008) argues prior to research, a researcher ought to develop a data collection instruments which is meant to measure, observe data under investigation. The study will use Disclosure Check Index (DCI) as the principal instrument for data collection of voluntary disclosure information. According to Mugenda and Mugenda (2009),

It s All About The Presentation - 1333 Words

It’s all About the Presentation The standard way of thinking about copyrights is that it only applies to books and movies; however, whether it applies to recipes is a topic that many chefs want to bring to light. Not many people think that copyrights apply to recipes. In the discussion about recipes, the issue is that the ingredients themselves cannot be copyrighted. The question is how can a person copyright a recipe. The names of ingredients and the labels can be copyrighted but the substance themselves cannot be. In recent discussions of copyright, the issue has been chefs copying others and calling it theirs; however, putting recipes under patents is ineffective because another chef could just omit an ingredient or add something to†¦show more content†¦In the article â€Å"The Plagiarism Problem,† Gavin Larson describes copying of other artists dance moves. Although this has nothing to do with food it brings up the topic of using inspiration or copying. La rson talks about the use of context and intention to differentiate whether it is inspiration or just plagiarism. Even though dance is a different type of art it still relates to the struggles of ownership. In the article â€Å"Something Borrowed,† Malcolm Gladwell describes his encounter with two ladies who are battling over intellectual property. The woman claiming theft is pointing out that her essence and words were stolen. Although this has nothing to do with recipes it does bring up intellectual property and who is the rightful owner. While researching copyrights throughout Lauren Markham’s â€Å"Meringue War† and Gavin Larsen’s â€Å"The Plagiarism Problems†, I observed the struggle between chefs within recipes and how it is similar to dancers and their performances. Based on my research of copyrights, I argue that this topic is significant because of the current uses of trademarks on food, the uses of specific plating as a form of art, and the use of branding the name of a dish such as the Cronut and needs further investigation on its effect on chef’s livelihood. Although copyrights may seem of concern to only a small group of foodie, it should in fact concern anyone who cares about

Rap The Flow Of A Disputed Artform - 3070 Words

Rap: the Flow of a Disputed Artform Often in history, and especially in the timeline of musical trends, the introduction of new ideas is almost always met with steep judgement and general distaste. It is not music at all. It s merely an irritation of the nerves of hearing, a sensual teasing of the strings of physical passion. Coarse opinions, such as Princeton University Professor Henry van Dyke’s, were common when jazz music initially received a reputation as being immoral with many members of the older generations viewed it as threatening old values in culture and promoting the new decadent values of the â€Å"Roaring 20s.† Eventually though, through informed discussion and appreciation for it’s innovative qualities, jazz became recognized as indispensable and one of the most definitive styles of American music. History appears to have repeated itself again in the case of another emerging musical genre: rap. Much like how jazz and blues were first highly controversial but undeniably very American musical styles, rap has become a definitive musical voice and creative outlet for a large group of people. In the last few decades, rap music in America has dramatically captured and changed the pop culture and media of youth. Much about rap is misunderstood because of lack of knowledge of the social context to some listeners and so it is often deemed obscene due to explicit language and content. Rap music has done so much socially crossing color barriers and introducing poetry to

William Shakespeare, Regarded As The Foremost Dramatist

William Shakespeare, regarded as the foremost dramatist of his time, wrote Macbeth. It is an amalgamation of witchcraft, allusion, and prophecies that depicts a seemingly unescapable fate of human beings in the world. It paints a black and horrid picture but it also implies the ideals of Renaissance humanism. Although imperfect, the embodiment of the characters has tremendous self awareness, freedom and, self-expression. Much like pervasive themes endemic to the Renaissance, the theme of the play revolves around the destruction of one’s humanity due to its insatiable appetite for prosperity. It shows the progression of corruption brought about by one’s rampant ambition. Shakespeare’s body of work echoes a strong response against the†¦show more content†¦Furthermore, the and lack of ambiance creates a complete sense of mystery, that encapsulates the essence of the barbaric nature of the period. To enhance the unsettling visuals, the antagonists are in th e form of witches. They have visible aspects defined as withered women with bizarre and unnatural features. They introduce an element of supernatural mystery and fear into Macbeth as they move with thunder and lightning and vanish in thin air. Prophecies govern the fate of the protagonist in the play much like Christian doctrines in new Testament predicts catastrophes. Shakespeare engineered this element as a recurring structure that developed the theme of the play as it instigates the protagonists plot into motion. Created by the antagonists in the play, the prophecy is mainly a choice handed over to the protagonist. It is a vision that posses no definite shape unless the dark thoughts have already been smoldered in the mind of the one being affected. The Witches, merely prophesize certain things for Macbeth. They do not influence him in any concrete manner, but the effect of the prophecy is to make Macbeth, start as if he were already guilty of harboring dangerous ideas. It is a fact that his ambition impels him towards â€Å"the swelling act of the imperial theme†, though his conscience fills him with horror at the idea that has come to him about how to gain the throne. ThisShow MoreRelatedTaking a Look at Shakes peares Imagery Essay1012 Words   |  5 Pagesand writing style. Shakespeare was wildly popular during the Elizabethan era. He, unlike like many authors during this time, was actually famous while he was alive. While Shakespeare was regarded as the foremost dramatist of his time, evidence indicates that both he and his contemporaries looked to poetry, not playwriting, for enduring fame. Shakespeare’s sonnets were composed between 1593 and 1601, though not published until 1609. That edition, The Sonnets of Shakespeare, consists of 154 sonnetsRead Moreshakespeare influences16068 Words   |  65 Pagesï » ¿ RESEARCH TOPIC An Analytic Review Of Shakespearean Influence On Faulkner s Tragedy RESEARCH QUESTION How Shakespeare tragic patterns influenced on William Faulkner s writings? NAME: SYEDA AMBREEN FATIMA FATHER’S NAME: SYED HASAN AKHTER SEAT NO: 1315793 ENROLMENT NO: 2013/ENG/M.A(LIT)/15681 DATE OF SUBMISSION: 28TH NOV 2013 SUBMITTED TO: MISS SAMREEN

International Trade Theories Comparative Analysis of Poland and Vietn

Question: Discuss about theInternational Trade Theoriesfor Comparative Analysis of Poland and Vietnam. Answer: Absolute Advantage of Poland and Vietnam Total volume of trade in Vietnam is higher in Poland compared to Vietnam. Volume of trade as a percentage of GDP is 91.9% for Poland and 160.07% for Vietnam. Among the total volume of trade, Vietnam export has 86.4.5% share in countrys GDP. Poland has 47.457% share of export in countrys GDP. Therefore, it can be assessed that growth of export of goods and services is more in Vietnam compared to Poland. Import share of Vietnam in 2014 was 83.13% whereas; the import of goods and services in Poland is 46.169%. During 2014, current account balance of Vietnam was US$9.353 billion and that of Poland is US$11.124 bn. Vietnam was in better position in terms of current account balance in trade. Major components of export of both the countries are agricultural product, fuels and mining products and manufacturers. Between the two countries, Vietnam export more agricultural products compared to Poland. Vietnam has 17.6% agricultural share in total export, whereas; Poland has that of 14.2%. Share of manufacturing products in export is 73.9% in Vietnam while Poland has 77.6% share of manufacturing product in export. Poland mainly specialises in manufacturing products. Germany is the major trading partner of Poland for export. During 2014, Poland imported mostly the crude petroleum, vehicle parts, cars and computers (Gandolfo, 2014). On the other hand Vietnam is mostly agrarian economy. Rice and rubbers are main agricultural products that are exported from Vietnam. As mentioned by Seretis Tsaliki (2015), a country enjoys absolute advantage in trade when cost of producing a good or service is low in that country compared to other countries. A country is said to have absolute advantage in producing a unit of good if it uses less number of inputs in producing that good. However, as the data on input use per unit of production is not available, absolute advantage can be evaluated from yield/hectare. Total production of a product in a country tells about the absolute advantage. It can be assumed that the country, which has lower cost of production, enjoys absolute advantage in production (Gandolfo, 2014). Poland has absolute advantage in production of potatoes, and millets as total production and yield per hectare are greater in this country compared to Vietnam. On the other hand, Vietnam has absolute advantage in production of roots and tubers, maize and total cereals. The yield value tells about the productive capacity of a country (Feenstra, 201 5). If it can be assumed that same number of inputs is used by the country, then absolute advantage will be there, where yield per hectare is higher. Comparative Advantage A country has comparative advantage in production if it can produce a particular product at lower marginal and opportunity cost compared to other country (Cuat Melitz, 2012). Opportunity cost in production prevails if a country is able to produce a unit of product at lower input cost compared to other country. As the input data is not available in the table, product price can be used in the analysis of opportunity cost. The product price reflects the input cost. Product price is lower if the input cost is lower. The product price in the table 2 reflects combining cost of capital and labour (Johnson, 2013). Poland has the capacity to supply sugar beet at UD$40.2, whereas, Vietnam do the same at $43.7. Then it can be said that Poland has comparative advantage in sugar beet production. For the other agricultural products such as chicory roots, carrots and turnip, potatoes and oats, price per unit is less in Poland. Cost of producing those goods are more in Vietnam compared to Poland. However, production pattern is different for the two countries. From the data table, it can be seen that Vietnam can produce sugarcane at lowest cost. Therefore, it can be assessed that Poland can enjoys lowest opportunity cost in sugar beet production and Vietnam has lowest opportunity cost in sugarcane production compared to other goods (Levchenko Zhang, 2016). Hence, while trading with other countries, Poland should produce and export more of sugar beet and Vietnam should produce more sugar cane. Factor Endowment, Trade and Income Distribution Heckscher-Ohline Model The Heckscher Ohline model says that a country exports that product, which it can produce by using abundant and cheaper factor. This country should import the goods which uses the scarce factor in production. The major factors of production are land, labour and capital. Land is primary input in agricultural production (Kawagishi Mino, 2016). It can be seen from table 4 that Poland has 144100 mn hectare agricultural lands which is 47.059% of the total land available in the country. Vietnam has 108737 mn hectare agricultural lands, which comprises 35.068% of the total land of the country. It can be said that opportunity of agriculture is more in Poland in terms of availability of land. However, labour in an important factor in agricultural production. Vietnam is labour abundant country compared to Poland as Vietnam has greater number of active labour force compared to Poland. As labour is abundant in Vietnam, it is cheaper to use in production. Table 4 shows that Poland is capital abundant country being a developed nation and Vietnam is capital scare country being a developing nation. Therefore, according to Heckscher- /Ohline model, Vietnam needs to specialise in agricultural production and Poland needs to specialise in manufacturing goods. The trade pattern of both countries shows that Poland and Vietnam follows the Heckscher- /Ohline model. Major export goods of Vietnam are rice, coffee whereas Poland specialises in manufacturing goods such as machinery and equipment, textile and footwear and metal products. However, as seen in modern trade globally, countries produces little amount of that product in which it has no specialisation in order to meet domestic demand (Iwasa Nishimura, 2014). Therefore, both the country produces products in which they have incomplete specialisation. Poland has exception in trade pattern as it imports those goods which use the abundant factor such as capital in this country. The reason may be that importing those products may give the country comparative advantage. Stolper- Samuelson Model Stolper Samuelson theory of trade says that under constant economies of scale and perfect competition between two countries, an increase in the relative price of a good will increase the return to the factor, which is intensively used in production and vice-versa (Luttmer, 2013). Therefore, from the trade pattern of Poland and Vietnam, it can be said that if relative price of agricultural product rises in the international market in comparison to the manufacturing product, wage rate in this country will rise. Rise in agricultural price will increase GDP of the country and demand for labour will rise (Backhouse, 2015). Terms of trade of Vietnam will increase in favour of Vietnam. Therefore, the price of labour such as wage will increase in Vietnam. On the other hand, if price of manufacturing product rises in the international market, the price of capital such as interest rate will increase as requirement for capital/ labour is more in case of manufacturing products. Therefore, return to capital in Poland is likely to rise. New Trade Theory Economies of Scale According to modern trade theory, economies of scale exist in international trade, if a country is able to produce a product at a large scale with the lowest cost compared to any other country (Feenstra, 2015). From table 2, it can be assessed that using the available agricultural land, Vietnam is able to produce 50178717 tonnes of cereals with a yield of 55774 kg per hectare while Poland can produce 31945433 units of cereals. Vietnam has economies of scale in agricultural production and especially the cereals. Production of cereals requires labour more intensively in production. Vietnam can use the abundant factor labour in cereal production. Hence, it can be said that Vietnam has economies of scale in cereal production whereas; Poland has economies of scale in manufacturing goods production along with potato and millet production (Johnson, 2013). However, in the ASEAN market, Vietnam enjoys some extent of market power in rice production and export as it has economies of scale in ri ce production. Table 5 Country 1:Poland Country 2:Vietnam Product Domestic consumption (tone) Exports(tone) Product Domestic consumption (tone) Exports (tone) Potatoes 7792248 103068 Mesline flour 1800000 113544 Roots and tubers,total 7689203 23 Corn 7140000 400000 Maize 475258 284055 Rice 1500000 6500000 Cereal Total 31970162 24729 Wheat 1900000 0 Millet 51860 2173 Coffee 2025 per 1000 bags 14.5 million bags Source: export.gov.il, 2014 Imperfect Competition and Market Power In the international trade, imperfect competition and market power exists, if a country supplies goods at a large scale in the international market. If no other country can produce that good at the same or more scale, then that said country enjoys a significant amount market power (Gandolfo, 2014). When country enjoys market power in the international market, it regulates the global price for that product due to having monopoly power. An example of market power is OPEC country, which regulates the crude oil price. The country having market power in the presence of imperfect competition regulates the price by increasing or decreasing the supply of products. In the present analysis, there is no imperfect competition between Poland and Vietnam. Competition exists between the two countries as both uses the same factors in the production although having differences in factor endowment. Although Poland enjoys comparative advantage in manufacturing goods production and Vietnam enjoys that in selected agricultural goods production, no one specialises in any single product. Both the countries have diversified trade pattern. Therefore, export and import combination of two countries comprises both the agricultural and manufacturing products. Hence, no one faces imperfect competition in the market or enjoys any market power in bilateral trade (Cuat Melitz, 2012). Among the top five countries producing agricultural goods, United states enjoy significant market power in Almond production. Total volume of trade is highest for United States with 37.7% market share. Though US have no monopoly power, it has power to influence market price of Almond in the international market. As it is supplies largest amount of almond in the market, reduction is almond production in US can reduce the price of this production in the global market. In comparison, Iran and Morocco has little power to influence the price as they have only 5.2% and 5.1% market share. References Backhouse, R. E. (2015). Revisiting Samuelson's Foundations of Economic Analysis.Journal of Economic Literature,53(2), 326-350. Cuat, A., Melitz, M. J. (2012). Volatility, labor market flexibility, and the pattern of comparative advantage.Journal of the European Economic Association,10(2), 225-254. export.gov.il (2014). Grain and Feed Annual. export.gov.il/. Retrieved 20 October 2016, from https://www.export.gov.il/uploadfiles/07_2014/grain%20and%20feed%20annual_hanoi_vietnam_4-8-2014_1.pdf Feenstra, R. C. (2015).Advanced international trade: theory and evidence. Princeton university press. Gandolfo, G. (2014). Introduction to International Trade Theory and Policy. InInternational Trade Theory and Policy(pp. 3-7). Springer Berlin Heidelberg. Iwasa, K., Nishimura, K. (2014). Dynamic two?country HeckscherOhlin model with externality.International Journal of Economic Theory,10(1), 53-74. Johnson, H. G. (2013).International Trade and Economic Growth (Collected Works of Harry Johnson): Studies in Pure Theory. Routledge. Kawagishi, T., Mino, K. (2016). Time Preference and Income Convergence in a Dynamic HeckscherOhlin Model.Review of International Economics. Levchenko, A. A., Zhang, J. (2016). The evolution of comparative advantage: Measurement and welfare implications.Journal of Monetary Economics,78, 96-111. Luttmer, E. G. (2013). The Stolper-Samuelson effects of a decline in aggregate consumption.Federal Reserve Bank of Minneapolis Working Paper, (703). Seretis, S. A., Tsaliki, P. V. (2015). Absolute Advantage and International Trade Evidence from Four Euro-zone Economies.Review of Radical Political Economics, 0486613415603160.