Hey LLLLLL.
It means 0.03P since a 3% increase is 100% + 3% but since its is a derivative we look at the change which is 0.03P.
I got confused by the concept of relative growth rate and growth rate. I understand that when it says "relative growth rate of the population is 3%", it means dP/dt = 0.03P.
However, when it says "growth rate of the population is 3%", does it mean:
dP/dt = 0.03P
or
dP/dt = 0.03?
To me the phrase "growth rate" seems more like a rate than a constant. Can someone help me out please?
Thanks in advance!
Hi Chiro,
Thank you so much for your reply!
I get that the rate is going to contain 0.03. But I'm still a bit confused about why the rate depends on P.
I'm not sure whether the phrase "growth rate of the population is 3%" means that the rate is constantly 0.03 or is 3% of the current population.
Thank you again for your help!
It is something like
where does not depend on nor . This kind of models are called Malthusian Malthusian growth model - Wikipedia, the free encyclopedia