(a) Use the separation of variables technique to formulate a solution to the differential equation. (b) In 2019, there were 400 goats and in 2022 there were 1250. Determine whether or not the goat keepers will be given the government grant.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Please provide correct solution and working out. Greatly Appreciated!!

Question 3
Goats of a valuable breed have been introduced onto Goat Island and their population is
growing.
dP
dt
The Population (P) is modelled by the differential equation = -0.03 (P M) where t
is the number of years that has passed since 2019 and M is an upper bound on the
population due to lack of resources. The Government has pledged a money grant to the
Goat Island goat keepers if M is less than 10 000 to help improve the environment for the
goats.
(a) Use the separation of variables technique to formulate a solution to the differential
equation.
(b) In 2019, there were 400 goats and in 2022 there were 1250. Determine whether or
not the goat keepers will be given the government grant.
Transcribed Image Text:Question 3 Goats of a valuable breed have been introduced onto Goat Island and their population is growing. dP dt The Population (P) is modelled by the differential equation = -0.03 (P M) where t is the number of years that has passed since 2019 and M is an upper bound on the population due to lack of resources. The Government has pledged a money grant to the Goat Island goat keepers if M is less than 10 000 to help improve the environment for the goats. (a) Use the separation of variables technique to formulate a solution to the differential equation. (b) In 2019, there were 400 goats and in 2022 there were 1250. Determine whether or not the goat keepers will be given the government grant.
Expert Solution
steps

Step by step

Solved in 4 steps with 35 images

Blurred answer
Knowledge Booster
Compensating Differential
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education