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<p>True, but a small LAC does not need a 10 million volume library. It isn’t trying to support the same level of original research across as many fields. </p>
<p>The general point about economies of scale is well taken, though I don’t think it’s clear how and to what extent it applies. Certainly, most colleges do eventually build new buildings (libraries, science centers); a big building generally costs less per square foot than a small one of equal quality.</p>
<p>I think the best use of endowment numbers is to compare EPS among institutions of similar type and size.</p>