The logistic differential equation is a type of differential equation used extensively in biology and ecology to model how populations grow in environments with finite resources, reflecting the concept of carrying capacity. The equation describes how population growth rate changes over time as the population size approaches the carrying capacity of the environment.
The general form of a logistic differential equation is \( \frac{dP}{dt} = rP\left(1 - \frac{P}{K}\right) \), where:\
- \(\frac{dP}{dt}\) is the rate of change of the population size over time,
- \(r\) is the maximum per capita rate of increase,
- \(P\) is the population size,
- \(K\) is the carrying capacity of the environment.
In the logistic model, the growth rate decreases as the population size \(P\) approaches the carrying capacity \(K\). When \(P\) is small relative to \(K\), growth is almost exponential, but as \(P\) grows and resource limitations increase, the growth rate slows and eventually stops when \(P = K\).
In our specific problem, the logistic differential equation provided is \(\frac{dP}{dt} = 0.0008P(700 - P)\), which corresponds to the general model with \(r = 0.0008\) and \(K = 700\). This equation models a situation such that the population grows rapidly at first, and then the growth decelerates as the population approaches the carrying capacity.