The future of Trinidad and Tobago cocoa industry- August 5". 2020 [adapted from theTrinidad and Tobago Express newspaper]The announcement last Wednesday of the launch of Angostura's new cocoa Bitters is a good exampleof the future of the sector as a whole in Trinidad and Tobago: a dynamic bringing together of thehistory and heritage of the cocoa sector in T&T blended into a distinctive bottle. It is a very excitingproject that should act as an ambassador for promoting Trinitario globally.There is an opportunity in finding unique products, working with unique brands and creating a uniqueexperience. In short, getting our cocoa to be used in different places and in different ways. That couldbe bitters or it could be a range of culinary applications and distinctive value-added products likefrozen desserts, in coffee houses and ice creams. Everyone makes a chocolate bar. We in T&T can doso much more than that.Indeed, Trinidad & Tobago Fine Cocoa Company (TTFCC) is mentioned as an innovative chocolatecompany in the Caribbean region by the Lonely Planet Global Chocolate Tour. There is no reason whyT&T should not be able to capitalise on initiatives like this. We have the expertise; we have theequipment and we have the creativity so let's go!Unique experiences involve taking the consumer to experience something of origin. Allowingsomeone to go on a holiday through taste and storytelling. In Trinidad and Tobago, the future is beingable to do that. How we do that is to work on improving our online retailing, having consumers beallowed to access our products anywhere in the world and be able to ship anywhere in the world. Thishas been achieved by TTFCC through its partnership with DHL and there is no reason why anyoneelse can't do that. Explain what a production function is, and state the production function for a cocoaа.producer.b.Assuming the firm is operating in the short run and the law of diminishing returnsimpacts cocoa producers, illustrate and explain this principle using the marginal product(MP), average product (AP) and total product (TP) concepts.Graphically illustrate the productive optimum outcome of a cocoa producer.d.Discuss three reasons how cocoa producers may achieve economies of scale in the long-run.Discuss two methods of price discrimination that a cocoa producer may use to increaserevenues.

The diminishing returns law states the impact of change in the quantity of input level on the…

a. b. d. Explain what a production function is, and state the production function for a cocoa producer. Assuming the firm is operating in the short run and the law of diminishing returns impacts cocoa producers, illustrate and explain this principle using the marginal product (MP), average product (AP) and total product (TP) concepts. Graphically illustrate the productive optimum outcome of a cocoa producer. Discuss three reasons how cocoa producers may achieve economies of scale in the long- run.

a. b. d. Explain what a production function is, and state the production function for a cocoa producer. Assuming the firm is operating in the short run and the law of diminishing returns impacts cocoa producers, illustrate and explain this principle using the marginal product (MP), average product (AP) and total product (TP) concepts. Graphically illustrate the productive optimum outcome of a cocoa producer. Discuss three reasons how cocoa producers may achieve economies of scale in the long- run.

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Chapter1: Making Economics Decisions

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

The future of Trinidad and Tobago cocoa industry- August 5". 2020 [adapted from the
Trinidad and Tobago Express newspaper]
The announcement last Wednesday of the launch of Angostura's new cocoa Bitters is a good example
of the future of the sector as a whole in Trinidad and Tobago: a dynamic bringing together of the
history and heritage of the cocoa sector in T&T blended into a distinctive bottle. It is a very exciting
project that should act as an ambassador for promoting Trinitario globally.
There is an opportunity in finding unique products, working with unique brands and creating a unique
experience. In short, getting our cocoa to be used in different places and in different ways. That could
be bitters or it could be a range of culinary applications and distinctive value-added products like
frozen desserts, in coffee houses and ice creams. Everyone makes a chocolate bar. We in T&T can do
so much more than that.
Indeed, Trinidad & Tobago Fine Cocoa Company (TTFCC) is mentioned as an innovative chocolate
company in the Caribbean region by the Lonely Planet Global Chocolate Tour. There is no reason why
T&T should not be able to capitalise on initiatives like this. We have the expertise; we have the
equipment and we have the creativity so let's go!
Unique experiences involve taking the consumer to experience something of origin. Allowing
someone to go on a holiday through taste and storytelling. In Trinidad and Tobago, the future is being
able to do that. How we do that is to work on improving our online retailing, having consumers be
allowed to access our products anywhere in the world and be able to ship anywhere in the world. This
has been achieved by TTFCC through its partnership with DHL and there is no reason why anyone
else can't do that.

Explain what a production function is, and state the production function for a cocoa
а.
producer.
b.
Assuming the firm is operating in the short run and the law of diminishing returns
impacts cocoa producers, illustrate and explain this principle using the marginal product
(MP), average product (AP) and total product (TP) concepts.
Graphically illustrate the productive optimum outcome of a cocoa producer.
d.
Discuss three reasons how cocoa producers may achieve economies of scale in the long-
run.
Discuss two methods of price discrimination that a cocoa producer may use to increas
e
revenues.

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