(solution) Use the following information to work Problems 5 and 6. In the United States in 2002, 130,000…

(solution) Use the following information to work Problems 5 and 6. In the United States in 2002, 130,000…

Use the following information to work Problems 5 and 6. In the United States in 2002, 130,000 aircraft mechanics and service technicians earned an average of $20 an hour whereas 30,000 elevator installers and repairers earned an average of $25 an hour. The skill and training for these two jobs are very similar.  5. Draw the demand and supply curves for these two types of labor. What feature of your graph accounts for the differences in the two wage rates and what feature accounts for the differences in the quantities employed of these two types of labor?  6. Suppose that a government law required both groups of workers to be paid $22.50 an hour. Draw a graph to illustrate what would happen to the quantities employed of the two types of labor