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Functions that feature multiple independent variables. Graphing Always one additional dimension for graphing. \(f:D\subset\mathbb{R}^n\rightarrow\mathbb{R}^{n+1}\) Limits and Continuity \( \lim_{(x,y) \to (0,0)}\frac{xy^2}{x^2+y^4}\) \( let \, x...

Automatic stabilizers will reduce the multiplier and swings in the business cycle. Non-discretionary fiscal policies:  Inflation Recession Taxes Increase Decrease Transfer Payments Decrease Unemployment insurance claims ...

Assets, Wealth, & Liabilities A household’s wealth is the value of its accumulated savings. Financial assets are paper claims, physical assets are tangible claims. A financial asset is a paper claim that entitles the buyer to future income from ...

Time Value of Money \( FV = PV\times(1+i)^n\) \(PV = \frac{FV}{(1+i)^n}\) Where: FV = Future Value PV = Present Value i = interest/discount rate n = number of periods (based on the time units of the interest rate). Structure of Fed Chair - Appoint...

Budget Balance Difference between what the government spends and what the government brings in. Major source of income is tax revenue. Fiscal Policy Will automatically adjust (automatic stabilizer). Government spending Tax revenue Reduce the severit...