Definition of Joint supply:
Joint supply is an economic term referring to a product or process that can yield two or more outputs. Common examples occur within the livestock industry: cows can be utilized for milk, beef, and hide; sheep can be utilized for meat, milk products, wool, and sheepskin. If the supply of cows increases, so will the joint supply of dairy and beef products.
A term used in economics to describe a product or manufacturing process that can result in more than one output. An example of joint supply often occurs in the production of livestock industry, such as with the raising pigs that can result in meat, leather and other useful products.
Where joint supply exists, the supply and demand for each product is linked to the others originating from the same source. For example, if demand increases for wool, and sheep farmers therefore raise more animals for wool, there will be a related increase in sheep meat production. This increased production will lead to greater meat supply and potentially lower prices.
Meaning of Joint supply & Joint supply Definition