Abstract
The current study provides a numerical method that is derived in a backward difference formulation for ordinary differential equations. The proposed method employs a constant step size algorithm of order 12. The backward difference formulation serves as a competitive algorithm for solving ordinary differential equations. In the current study, the backward difference method is used to analyze the dynamics of capital stocks in terms of depreciation rate for the capital–labor ratio. Results provided in this study will validate the accuracy of the backward difference algorithm hence proving it as a viable alternative for analyzing economic problems in the form of ordinary differential equations.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
