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.
Researcher Mauricio Padillo high-fives Deep Blue, one of the largest great white sharks to be filmed. New footage has been released of an enormous great white shark named Deep Blue, one of the largest ever caught on video. The beast was filmed in 2014 approaching a shark cage near Guadalupe Island, off Mexicoâs Baja Peninsula.