The following figure shows the market for lows killed labor. The value of marginal product of high-skilled
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The following figure shows the market for lows killed labor.
The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labor. The cost of acquiring human capital adds $12 an hour to the wage that must be offered to attract high-skilled labor.
Compare the equilibrium wage rates of lows killed labor and high-skilled labor. Explain why the difference between these wage rates equals the cost of acquiring human capital.
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