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(solution) Suppose the cost of acquiring a skill increases and the value of marginal product of skill...


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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Sep 13, 2020

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