Can anyone please tell me where the "1" in "P + bP − dP = (1 + b − d)P" comes from in this math example?
Let us imagine that we wish to predict the population of a country in 20 years’ time.
One very simple model we might use represents the entire country as a pair of numbers (t, P(t)).
Here, t represents the time and P(t) stands for the size of the population at time t.
In addition, we have two numbers, b and d, to represent birth and death rates. These are defined to be the number of births and deaths per year, as a proportion of the population.