That will require a massive increase in oxygen which is very unlikely to happen.
It depends on how long such an increase would take (i.e enough times for humans to adapt).
If overnight its going to double to say 40%, we would face health effects (faster heart rate etc) + greater oxidation which is generally a bad thing for biological systems.
If Nitrogen increases, it would displace the Oxygen (since 100% is the total right?) so that would also be bad for obvious reasons (the start of suffocation).
If we are talking about minute changes in % over long periods of time for both gases, it would be some very long term chronic problems for some sections of the population and it would take hundreds of years or longer for our bodies to adapt.
I am not sure where the % sensitivities lie regarding health problems. Lets just say not too high, not too low is what we prefer since we are used to the current level (though it has not always been this level on Earth, but that was a long time before Humans arrived).