In 2013, that FAA ruled that before a pilot can be granted an Airline Transport Pilot License, they must accrue 1500 hours total flight time, which was a significant jump from the previous standard of 250 hours. Watch the short recent youtube video "Stupid Government Rules Create a Pilot Shortage" and address the following:

a. Use a graph to show how this increase in the licensing requirement impacts the market for airline pilots. Show the market equilibrium before (with the lower licensing requirement) and after (with the tougher license requirement). What happens to price, quantity, and consumer and producer surplus when the licensing requirement changes? Who wins and who loses from this increased regulation? Explain briefly.

b. Use a second graph to explain the impact of this tighter licensing regulation on the market for airline trips. Show in your graph how consumers and airlines are affected (look at flight prices, quantities, and consumer/producer surpluses). Does your analysis agree with the claims in the video (i.e., delays, cancellations, etc.)? Why or why not? Explain briefly.