In economics, the weak axiom of cost minimization (WACM) provides a non-parametric test of cost minimization, which can be applied only when both input price and quantity data are available for individual firms.
Famous quotes containing the words weak, axiom and/or cost:
“But God hath chosen the foolish things of the world to confound the wise; and God hath chosen the weak things of the world to confound the things which are mighty.”
—Bible: New Testament I Corinthians 1:27.
““You are bothered, I suppose, by the idea that you can’t possibly believe in miracles and mysteries, and therefore can’t make a good wife for Hazard. You might just as well make yourself unhappy by doubting whether you would make a good wife to me because you can’t believe the first axiom in Euclid. There is no science which does not begin by requiring you to believe the incredible.””
—Henry Brooks Adams (1838–1918)
“I knew that the wall was the main thing in Quebec, and had cost a great deal of money.... In fact, these are the only remarkable walls we have in North America, though we have a good deal of Virginia fence, it is true.”
—Henry David Thoreau (1817–1862)