 Solution

Let $X,Y$ be prey and predator abundances. With constant positive demographic and predation coefficients, the Lotka-Volterra equations areTheir positive equilibrium is $X_{\ast }=\gamma /\delta$, $Y_{\ast }=\alpha /\beta$. Its Jacobian matrix and eigenvalues areThe linearized populations oscillate with period $2\pi /\sqrt{\alpha \gamma }$, with the predator peak following the prey peak. This is a center equilibrium, not an attracting equilibrium. The conclusion is supported beyond linearization by the Logarithmic first integral of the Lotka-Volterra equations: in these units one may useDirect differentiation gives $\dot{V}=0$. Its Hessian matrix is a positive-definite matrix in the positive quadrant, and its minimum is at $(X_{\ast },Y_{\ast })$. Nearby level curves are closed periodic orbits, so there is no damping toward a preferred oscillation amplitude.