Cocoa in Ghana: The Cocoa Farmers, Cocoa Marketing Board, and Elasticity of Supply
Publication information:
Frankel J. Cocoa in Ghana: The Cocoa Farmers, Cocoa Marketing Board, and Elasticity of Supply. MIT Department of Economics. 1974.
Abstract
This paper claimed to refute the view that Ghana's cocoa farmers could be paid a below-market price by the national marketing board, without adversely affecting their output. After a review of the history, the elasticity of supply is estimated econometrically. Local rainfall is an exogenous variable and the lag structure is taken from biological growth pattern of the trees.