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 high-skilled labor, and the number of high-skilled workers employed.

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FIGURE 20.7 Chapter Checkpoint Assignable Problem 4 Wage rate (dollars per hour) 35 30 25 20 15 10 5 LS x LD 01 2 3 4 5 6 7 8 Labor (millions of workers) FIGURE 20.8 Chapter Checkpoint Assignable Problem 4 Wage rate (dollars per hour) 35 30 25 20 15 10 5 0 2 لیا LS₁ LSO LDI LDO 5 6 7 8 Labor (millions of workers)