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.
Great whites can detect one drop of blood in 25 gal (100 L) of water and can sense even tiny amounts of blood in the water up to 3 mi (5 km) away. Size relative to a bus: The legendary great white shark is far more fearsome in our imaginations than in reality. As scientific research on these elusive predators increases, their image as mindless killing machines is beginning to fade.