Joint Product
A joint product is a product that is created alongside another product in a process called joint production.
Business Glossary provided by Plannit.ai
In a joint production process, the production of one good inevitably results in the production of another good. These goods are known as joint products. For example, the process of refining crude oil can produce gasoline, diesel, and other petrochemical products simultaneously. Pricing and cost allocation for joint products can be complex and depend on market conditions and the joint costs involved.
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