Question: I need help figuring out how to model this below: The Hay formula adjusts pay for know-how, which they measure by the investments of formal

I need help figuring out how to model this below:

The Hay formula adjusts pay for "know-how," which they measure by the investments of formal education and training required to perform the job. Suppose that a regulatory body increases job requirements for lab technicians. Instead of an associate's degree, they now require a bachelor's degree and certification. How does it shift the labor supply and/or labor demand curve? And what effect will this have on quantity and pay for this job? :

The labor supply and demand curve both shift to the left. The quantity will decline and the price will increase.

I need help figuring out how to model this below:

[label a, b, c, d; add a line/lines the figure to illustrate the supply or demand, and explain]

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