Explain what a production function is, and state the production function for a cocoa 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.
Explain what a production function is, and state the production function for a cocoa 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.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 15CQ
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![The future of Trinidad and Tobago cocoa industry- August 5th. 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8f34c27-d547-42cf-8513-49967d562251%2Fd4c08a67-2604-4265-a6bd-d74e86bdf83e%2Fxpfja5h_processed.png&w=3840&q=75)
Transcribed Image Text:The future of Trinidad and Tobago cocoa industry- August 5th. 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8f34c27-d547-42cf-8513-49967d562251%2Fd4c08a67-2604-4265-a6bd-d74e86bdf83e%2Fnx7cp3_processed.png&w=3840&q=75)
Transcribed Image Text: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.
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