## 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…

## Firm’s product, costs, and Revenues: Cost of Production

Cost of production is very important for every firm.  Any firm which does production undergoes three main questions. That’s why every entrepreneur takes care of these three and then take a decision. What quantity of total output to produce? What will be the production cost of the output? How much revenue will be earned on…

## Basic Economic Goals of a country

The basic economic goals of a country are subject to many things. Certain questions arise in mind when one thinks about basic economic goals of a country or economy. There can be many questions in mind such as; To what are the basic economic goals? What type of economic system exists today? What are the…

## 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…

## 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…

## Price Elasticity of Demand, Measurement and Total Expenditure Method

Price Elasticity of Demand, Measurement, and Total Expenditure Method. As we have studied earlier that with the change in prices of the products the quantity demanded also changes. This is truly explained by the law of demand. Whereas, how much change is brought in the quantity demanded due to the change in its price is…