Limitations (Criticisms) of Optimum Theory
The Optimum Theory of population has following limitations:
The optimum theory is based on economic
The law of maximum satisfaction/ The law of equi-marginal utility/ The law of substitution
The law of maximum satisfaction/ The law of
Negative cross elasticity of demand
In case of complementary goods cross elasticity of demand is negative because when the price of one
Factors of production
The factors used in the production are called factors of production. All of them contribute in the production. For