Assistance please.QUESTIONSProvide a brief summary of the main points in the article. (Maximum 30 words)Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario.Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (Maximum 30 words)How will the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario? By NEIL HARTNELLTribune Business Editornhartnell@tribunemedia.netThe Bahamas is "20 years behind" on safeguarding its agriculture producers and modernising itseconomy, a leading consultant yesterday telling Tribune Business this failures had "decimated"local farmers.77Godfrey Eneas said the Bahamas had paid "a very serious price" for failing to use non-tariffmeasures to prevent the 'dumping' of inferior food products in this nation by foreign producers - apractice that has undercut Bahamian farmers on price, and driven them out of the market.The Ministry of Agriculture adviser added that the sector's share of Bahamian GDP had declinedto a "terrible" less than 1 per cent, compared to the 5-6 per cent contribution it made in the 1970sand 1980s.Suggesting that “poor policy" decisions by successive governments had contributed toagriculture's decline, Mr Eneas said the Bahamas' food security weaknesses and inability to feeditself had contributed to food becoming "almost unaffordable" for many segments in society.Tribune Business revealed this week how a $20 million poultry production project, proposed forNorth Andros by Florida investor Robert Parker and Jamaican firm, Caribbean Broilers, was"abandoned" after the Government declined to provide all the investment incentives it wasseeking.It did so on the grounds that the 'special treatment' was “unwarranted", and would have given aforeign-owned project better incentives than those available to Bahamians, placing the latter at acompetitive disadvantage.Mr Eneas, though, agreed that the project's request that the Bahamas enact protective anti-dumping legislation was warranted.“People want to invest in areas where they can get a return on investment, but our markets aretoo open and they may not get the benefit," he told Tribune Business."Because of not being a member of the World Trade Organisation, we have fallen behind in howto protect our market. There are a lot of ways to protect your market, not just tariffs."The Parker/Caribbean Broilers project had sought a 40 per cent 'ad valorem' Customs Duty rateon imported chicken to facilitate their project, on the grounds that "protection against foreigncompetition is absolutely essential to have a viable poultry industry".Mr Eneas, though, said high duty rates hurt Bahamian consumers by translating into higher prices.77He added that the Bahamas could instead employ health standards, such as Sanitary andPhytosanitary (SPS) measures, to restrict inferior imports and protect both Bahamian farmers andconsumers."We need to, and will, come up to speed on that now that WTO is being addressed," Mr Eneassaid, referring to the Standards Bureau and SPS measures now being put in place to facilitate theBahamas' accession to full membership.Yet he argued that the Bahamas's failure to adjust to global change earlier, and modernise itseconomy accordingly, the WTO having been formed in 1995, had left this country with a 'twodecade catch-up'. "We fell behind in the era of globalisation," he told Tribune Business. "We're 20 years behind.77We've paid a very serious price. It has decimated the [agriculture] sector."I can show you data on how the sector has declined over the last 20 years. It's contribution toGDP is less than 1 per cent. That's terrible. Our agricultural contribution in the 1970s and 1980swas as high as 5-6 per cent."Statistics produced by Mr Eneas show that, in 2012, the Bahamas was estimated to have lessthan 1,000 farmers and under 10,000 acres in use, compared to 4,214 farmers and almost 90,000acres in 1978.And the number of workers employed in the industry had shrunk from 9,717 in 1978 to 1,500 in2012.Analysing the negative impacts created by the absence of Bahamian anti-dumping legislation, MrEneas said: "It opens up your market to poultry producers from Brazil and the US, where legs,wings and backs are by-products.“They dump it on us, and the US subsidises its exporters. It devalues the market."The Parker/Caribbean Broilers project had requested that Bahamian anti-dumping legislation bebased on the price of the 'whole chicken' in the producing country, not the price of the 'throw awayparts'. Duty would thus be based on the former price, "not on a 'get what you can pay for it' price".77He added that Caribbean Broilers, and other CARICOM states, recognising chicken's position asthe leading source of protein, and the sector's employment impact on their economies, had unlikethe Bahamas taken measures to prevent dumping in their markets."We have been lethargic. There's no longer a poultry industry in the Bahamas pretty much," MrEneas said.He also criticised the former Ingraham administration's policy of reducing duty rates prior to WTOtalks, rather than going in with higher rates to give more negotiating room."It was a poor policy position for the agriculture industry," Mr Eneas said. "In eggs, they have triedto increase the duty a little bit, but the Government is very sensitive to that, as an increase in dutycauses an increase in price.“This is why governments do not use them as the main tool to control their markets, but SPS andstandards. That's why it's so important a Bureau of Standards comes into play."Mr Eneas said food security, and the region's huge food import bill, were the leading agriculturepolicy items for the CARICOM Heads of Government."We have to address this food import bill because, first of all, it's unsustainable, and two, food isalmost unaffordable for segments of Bahamian society," he told Tribune Business."Ifyou talk to the people from Hands for Hunger, almost 70,000 Bahamians have to get a free77meal per day. Food is unaffordable."This, Mr Eneas said, was contributing to many Bahamians' dietary problems, resulting in non-communicable diseases that burdened the healthcare system with extra costs.With Baha Mar set to boost the Bahamas' stopover visitor numbers by 500,000 annually, taking itto around 1.8 million, Mr Eneas said other Caribbean countries would “love to have an internalmarket" like that which could be targeted by their food producers.But, under the current system, Mr Eneas warned: "We're losing too much foreign exchange. We'rejust going to let all that money go out of the country" when it came to tourism dollars being77recycled for food imports.

Question

Assistance please.QUESTIONSProvide a brief summary of the main points in the article. (Maximum 30 words)Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario.Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (Maximum 30 words)How will the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario? By NEIL HARTNELLTribune Business Editornhartnell@tribunemedia.netThe Bahamas is &#34;20 years behind&#34; on safeguarding its agriculture producers and modernising itseconomy, a leading consultant yesterday telling Tribune Business this failures had &#34;decimated&#34;local farmers.77Godfrey Eneas said the Bahamas had paid &#34;a very serious price&#34; for failing to use non-tariffmeasures to prevent the 'dumping' of inferior food products in this nation by foreign producers - apractice that has undercut Bahamian farmers on price, and driven them out of the market.The Ministry of Agriculture adviser added that the sector's share of Bahamian GDP had declinedto a &#34;terrible&#34; less than 1 per cent, compared to the 5-6 per cent contribution it made in the 1970sand 1980s.Suggesting that “poor policy&#34; decisions by successive governments had contributed toagriculture's decline, Mr Eneas said the Bahamas' food security weaknesses and inability to feeditself had contributed to food becoming &#34;almost unaffordable&#34; for many segments in society.Tribune Business revealed this week how a $20 million poultry production project, proposed forNorth Andros by Florida investor Robert Parker and Jamaican firm, Caribbean Broilers, was&#34;abandoned&#34; after the Government declined to provide all the investment incentives it wasseeking.It did so on the grounds that the 'special treatment' was “unwarranted&#34;, and would have given aforeign-owned project better incentives than those available to Bahamians, placing the latter at acompetitive disadvantage.Mr Eneas, though, agreed that the project's request that the Bahamas enact protective anti-dumping legislation was warranted.“People want to invest in areas where they can get a return on investment, but our markets aretoo open and they may not get the benefit,&#34; he told Tribune Business.&#34;Because of not being a member of the World Trade Organisation, we have fallen behind in howto protect our market. There are a lot of ways to protect your market, not just tariffs.&#34;The Parker/Caribbean Broilers project had sought a 40 per cent 'ad valorem' Customs Duty rateon imported chicken to facilitate their project, on the grounds that &#34;protection against foreigncompetition is absolutely essential to have a viable poultry industry&#34;.Mr Eneas, though, said high duty rates hurt Bahamian consumers by translating into higher prices.77He added that the Bahamas could instead employ health standards, such as Sanitary andPhytosanitary (SPS) measures, to restrict inferior imports and protect both Bahamian farmers andconsumers.&#34;We need to, and will, come up to speed on that now that WTO is being addressed,&#34; Mr Eneassaid, referring to the Standards Bureau and SPS measures now being put in place to facilitate theBahamas' accession to full membership.Yet he argued that the Bahamas's failure to adjust to global change earlier, and modernise itseconomy accordingly, the WTO having been formed in 1995, had left this country with a 'twodecade catch-up'. &#34;We fell behind in the era of globalisation,&#34; he told Tribune Business. &#34;We're 20 years behind.77We've paid a very serious price. It has decimated the [agriculture] sector.&#34;I can show you data on how the sector has declined over the last 20 years. It's contribution toGDP is less than 1 per cent. That's terrible. Our agricultural contribution in the 1970s and 1980swas as high as 5-6 per cent.&#34;Statistics produced by Mr Eneas show that, in 2012, the Bahamas was estimated to have lessthan 1,000 farmers and under 10,000 acres in use, compared to 4,214 farmers and almost 90,000acres in 1978.And the number of workers employed in the industry had shrunk from 9,717 in 1978 to 1,500 in2012.Analysing the negative impacts created by the absence of Bahamian anti-dumping legislation, MrEneas said: &#34;It opens up your market to poultry producers from Brazil and the US, where legs,wings and backs are by-products.“They dump it on us, and the US subsidises its exporters. It devalues the market.&#34;The Parker/Caribbean Broilers project had requested that Bahamian anti-dumping legislation bebased on the price of the 'whole chicken' in the producing country, not the price of the 'throw awayparts'. Duty would thus be based on the former price, &#34;not on a 'get what you can pay for it' price&#34;.77He added that Caribbean Broilers, and other CARICOM states, recognising chicken's position asthe leading source of protein, and the sector's employment impact on their economies, had unlikethe Bahamas taken measures to prevent dumping in their markets.&#34;We have been lethargic. There's no longer a poultry industry in the Bahamas pretty much,&#34; MrEneas said.He also criticised the former Ingraham administration's policy of reducing duty rates prior to WTOtalks, rather than going in with higher rates to give more negotiating room.&#34;It was a poor policy position for the agriculture industry,&#34; Mr Eneas said. &#34;In eggs, they have triedto increase the duty a little bit, but the Government is very sensitive to that, as an increase in dutycauses an increase in price.“This is why governments do not use them as the main tool to control their markets, but SPS andstandards. That's why it's so important a Bureau of Standards comes into play.&#34;Mr Eneas said food security, and the region's huge food import bill, were the leading agriculturepolicy items for the CARICOM Heads of Government.&#34;We have to address this food import bill because, first of all, it's unsustainable, and two, food isalmost unaffordable for segments of Bahamian society,&#34; he told Tribune Business.&#34;Ifyou talk to the people from Hands for Hunger, almost 70,000 Bahamians have to get a free77meal per day. Food is unaffordable.&#34;This, Mr Eneas said, was contributing to many Bahamians' dietary problems, resulting in non-communicable diseases that burdened the healthcare system with extra costs.With Baha Mar set to boost the Bahamas' stopover visitor numbers by 500,000 annually, taking itto around 1.8 million, Mr Eneas said other Caribbean countries would “love to have an internalmarket&#34; like that which could be targeted by their food producers.But, under the current system, Mr Eneas warned: &#34;We're losing too much foreign exchange. We'rejust going to let all that money go out of the country&#34; when it came to tourism dollars being77recycled for food imports.

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