Economies of Scale and Long Run Average Cost (LRAC) 1  In the long run all costs are variable and the scale of production can change (i.e. no fixed inputs) 2  Economies of scale are the cost advantages from expanding the scale of production in the long run. The effect is to reduce average costs over a range of output. These lower costs represent an improvement in productive efficiency and can give a business a competitive advantage in a market.
Tiger sharks (pictured) are among the 17 species that appear to lack color vision. Sharks may be able to smell blood from miles away, but they probably don't know how red it is: New research suggests sharks are color-blind.
Another large shark, capable of growing to a length of over 16 feet, or 5 meters, the Tiger Shark can be found in the Caribbean and other warm waters around the world. They can have a blue to light green colour, combined with a white or light yellow belly.