Weak axiom of cost minimization

Weak axiom of cost minimization

In economics, the weak axiom of cost minimization (WACM) provides a nonparametric test of cost minimization, which can be applied only when both input price and quantity data are available for individual firms.

External links

* [http://www.ingentaconnect.com/content/klu/prod/1997/00000008/00000002/00131288 IngentaConnect Weak Axiom of Cost Dominance: A Nonparametric Test of Cost Efficiency Without Input Quantity Data]


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  • WACM — could refer to:* WACM (AM), a radio station (1490 AM) licensed to West Springfield, Massachusetts, United States * WACM LP, a low power radio station (94.3 FM) licensed to Auburn, Alabama, United States * Weak axiom of cost minimization *… …   Wikipedia

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