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.
A gigantic great white shark measuring more than 20 feet long has been spotted by cage divers near Mexico. The massive predator, nicknamed Deep Blue, was spotted in the waters near Mexico's Guadalupe Island. The shark, who is estimated to be around 50 years old, is believed to be one of the largest great white sharks ever seen.