WAEC - Economics (2011 - No. 8)
Palm oil and palm kernel have
competitive supply
excess supply
joint supply
composite supply
Selitys
Joint supply refers to a product or process that can yield two or more outputs. This is when a product can be used to produce more than one output. Palm oil is used for cooking as well as in soap and cream making, while palm kernel is used in making palm oil and kernel oil amongst others.
Another Common examples occur within the livestock industry: cows can be utilized for milk, beef,