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For the purposes of optoelectronic design, this paper presents a new and original small signal two-port circuit model of a quantum-well laser that has been developed from rate equations. This model is based on the physics of the spontaneous emission, stimulated emission, lightwave resonance, high-level injection, active-layer carrier degeneracy, and deep-level traps simultaneously. This model is compatible with general-purpose circuit analysis program (e.g., PSPICE) and is used to determine the frequency modulation bandwidth and the intensity modulation of the semiconductor laser. The results indicate that an increment in the density of the traps causes a decrease in both the amplitude of the output light and the bandwidth of the frequency response and an increase in the steady-state time.