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.
Overview â The distinctive tiger shark lives in both coastal and open seawaters, usually from the surface to around 459 feet. Young members of this species sport black stripes arranged over their otherwise gray backs and sides. These stripes can fade as the shark ages, making it look more like a great white than a tiger shark. Somehow it seems appropriate that this nocturnal, aggressive shark prefers dark, murky waters.