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Sorry, I don't get the point. Of course you can calculate a gain, Vout can be considered as a voltage source independant of the LED current. dILED/dVout is the circuit gain, it's a small signal property that has to be calculated for a specified LED current, the same with the frequency characteristic.i dont think you can do that.....cuzz you are not getting any gain out of the current variation in R(led
I think, it's different. Neglecting real TL431 parameters, the V/I transfer characteristic is an ideal integrator. Limited TL431 voltage gain causes a gain bend at low frequencies, finite output resistance results in a feedforward term, a zero that cancels the integrator behaviour at high frequencies, r(LED) matters here.This is a very simple single-pole error amp. The pole is simply at 1/(2Π*Rupper*C). Note that nothing else goes into the equation.