Problem
Suppose the cost of acquiring a skill increases and the value of marginal product of skill increases. Draw demand-supply graphs of the labor markets for high-skilled and low-skilled labor to explain what happens to the equilibrium wage rate of low-skilled labor, the equilibrium wage rate of highskilled labor, and the number of high-skilled workers employed.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.