Intro to Mathematical Economics
The exponential growth model describes a process where the quantity of a population increases at a rate proportional to its current size, leading to rapid growth over time. This model is often represented mathematically by the differential equation \( \frac{dN}{dt} = rN \), where \( N \) is the population size, \( r \) is the growth rate, and \( t \) is time. As a result, populations can grow significantly in a short period when conditions are favorable.
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