Draw a figure of the world labor market comparing

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Draw a figure of the world labor market comparing the Home and Foreign wages (like the one we did in class).

Imagine that without open borders for labor, the Foreign wage is higher that the Home wage. Mark this point on your graph with an L*, w*_F, and w*_H.

Imagine that immigration is allowed, but only half of those that would like to immigrate are able to do so. Draw the effect that this would have on the world market. Mark the new outcomes with an L**, w**_F, and w**_H.

Identify the areas of your graphs that illustrate the gains to the Home and Foreign countries because of immigration. Explain why each of these areas lead to net benefits for each party.

Reference no: EM132078752

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