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Tuesday, January 23, 2018
Question Title Production with two outputs
“MJ Enterprise” is a private limited company established in 2001 and started its business by producing televisions. After five years of manufacturing, company manager decided to produce more products rather than to specialize in one product. So in 2005 the company started to manufacture other home appliances like split air conditioners, microwave oven as well and involved in joint production.
Keeping in view the above scenario, identify which concept of economics has been applied to “MJ Enterprise”? Also explain briefly the advantages for the company “MJ Enterprises” after involving in joint production?
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