Hybrid rocket combustion has a manifestation of stable response to the perturbations compared to solid propellant combustion. Recently, it has revealed that the low frequency combustion instability about 10 Hz was occurred mainly due to thermal inertia of solid fuel. In this paper, the combustion response function was theoretically derived by use of ZN (Zeldovich-Novozhilov) method. The result with HTPB/LOX combination showed a quite good agreement in response function with previous works and could predict the low frequency oscillations with a peak around 10 Hz which was observed experimentally. Also, it was found that the amplification region in the frequency domain is independent of the regression rate exponent n but showed the dependence of activation energy. Moreover, the response function has shown that the hybrid combustion system was stable due to negative heat release of solid fuel for vaporization, even though the addition of energetic ingredients such as AP and Al could lead to increase heat release at the fuel surface.