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Application of Differential Equations in Economic Analysis

Differential equations are extremely important and extensively used in economic analysis. As a matter of fact, differential equations are used to analyze how systems evolve with respect to time. Most economic models that involve changes and dynamics are based on the use of differential equations. For example, the Malthusian Growth Model is the first model that analyzes exponential growth, and exponential growth is based on a differential equation. The goal of this video is to explain the significance and usefulness of differential equations in the application of economic analysis.