This paper gives a theory of the signal strength in rubidium vapor frequency standards for various situations encountered in practice. The density matrix formalism is used and the signal strength is given as a function of light intensity, rubidium density, absorption cell length, and applied microwave power. The results obtained are found to be in good agreement with published data.A theory is also developed giving the strength and the phase of the signal as a function of the modulation frequency and of the frequency excursion amplitude. This theory uses a model of a simple harmonic oscillator. The results are similar to those obtained by previous authors using a more complex model.