Overview

joint production


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Production where the processes giving outputs of different goods are connected. Producing the goods concerned separately would result in increased costs. Where one good would still be economic to produce even if the other had no market or required costly disposal, the other good is a by-product. Joint production can be a consequence of natural phenomena or it can be undertaken because it offers firms economies of scope, allowing expensive equipment to be more fully used.

Subjects: Economics.


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