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Lecture 22 - Global Economy
ECON 360 International Economics
Quantity
Price
Steel
6543210 7
Quantity
Price
Steel Domestic
Supply
6543210 7
Quantity
Price
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
Local 2
6543210 7
Quantity
Price
$1,000
Steel
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
Local 3
6543210 7
Quantity
Price
$1,000
Steel
$1,500
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
Local 3 Foreign 2
6543210 7
Quantity
Price
$1,000
Steel
$1,500
Price of steel
increases
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
Local 3 Foreign 2
6543210 7
Quantity
Price
$1,000
Steel
$1,500
Increase local
production
Price of steel
increases
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
Local 3 Foreign 2
6543210 7
Quantity
Price
$1,000
Steel
$1,500
Increase local
production
Price of steel
increases
Hire local
employees
With 50%
Tariff
World
Supply
Domestic
Supply
Local 2 Foreign 4
Local 3 Foreign 2
6543210 7
Cars
Cars
Quantity
Cars
Quantity
Price Cars
Demand
Quantity
Price Cars
Demand
Quantity
Price
Supply
Cars
Demand
Quantity
Price
Supply
Cars
Demand
Quantity
Price
Supply
$30,000
500
Cars
Demand
Quantity
Price
Supply
$30,000
500
Cars
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
$30,300
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
$30,300
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
450
$30,300
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
450
$30,300
50 fewer cars
Price of steel
increases
Demand
Quantity
Price Supply
$30,000
500
Cars
450
$30,300
50 fewer cars
Price of steel
increases
Lower Profits
Demand
Quantity
Price Supply
$30,000
500
Cars
450
$30,300
50 fewer cars
Price of steel
increases
Layoff employees
Lower Profits
Trump Math
Trump Math
Trump Math
+600
Trump Math
+600
Trump Math
+600
-14,000
Trump Math
+600
-14,000
Trump Math
+600
-14,000
=
Trump Math
+600
-14,000
-13,400=
Save 1 steel job
Trump Math
+600
-14,000
-13,400=
Save 1 steel job
Lose 23 car jobs
Trump Math
+600
-14,000
-13,400=
Int 22
Int 22

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Int 22