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China joined the WTO in December 2001. Since then, it has become one of the largest exporters of manufactured goods in the world. As part of your job in the Department of Foreign Affairs and Trade, you have to submit a report on the economic consequences of China's entry in the WTO. For the sake of your report, you assume that consumers consume just two goods, manufactured goods and coal. For simplicity, you assume that the latter is used only to produce electricity for final consumers but is not used in the production of manufacturing goods. Both manufactured goods and coal are produced using only labor. Further, you assume that Australia has a comparative advantage in producing coal.
Question: Australia receives many immigrants, including your lecturer. How are real wages affected by immigration in the Ricardo model? Keep assuming that Australia is a small open economy?
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