Answer to Question #96570 in Microeconomics for Thomas Mungai Irungu

Question

Use appropriate economic frameworks and/or models including the Production Possibility Frontier (PPF) to graphically describe and discuss the potential implications for economic costs, economic growth, allocative efficiency in the West African economies producing cocoa beans from proposals made in the extract above. Discuss with graphical explanations how these economies would be affected by the efforts to move their production high up on the value chains of cocoa bean cultivation to primary and secondary products including the branding and marketing of those products. In your discussion, present real economic data (e.g. www.tradingconomics.com or any other credible economic and data sources) as evidence on how these economies would potentially be affected in terms of indicators including their relative GDP sizes, local employment opportunities, etc., in the process of internalising the processes that are located high up in the cocoa bean value chains.

Answer 1

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