Microeconomics

Optimum Theory of Population-Assumptions, Graph & Criticisms

The optimum theory of population was propounded by Edwin Cannan and Carr-Saunders. This is also a modern theory of population and Edwin described the population growth in relation to country’s total volume of output. Whereas, the earlier study “Malthusian Theory of Population” by Malthus was a little bit narrow. Malthusian theory’s main focus was on…

Microeconomics

Malthusian Theory of Population growth, criticisms & checks

Malthusian Theory of Population Growth: Malthusian theory of population growth addressed the problem of over population. The problem was addressed by Malthus while he was working on his essay “The principle of population”. Malthus examined the relationship between the population growth and the limited resources. From this very same essay, he developed his theory of…

Microeconomics

Short Run Equilibrium of a Firm Under Monopoly

Monopoly Definition: in order to understand the short-run equilibrium of a firm under monopoly. we must know what monopoly is. A market situation in which there is only a single seller of the product is “monopoly.” In this situation, there is no close substitute for the product and the supply of the product is in…