Outlines of Today's class Understand why a firm's marginal revenue product curve MRPfor vmp)is its demand for labor curve Explain in what sense the demand for labor is a derived demand Identify the key factors influencing the elasticity of demand for inputs describe how equilibrium wage rates are determined for perfectly competitive firms4 Outlines of Today’s Class „ Understand why a firm’s marginal revenue product curve(MRP)(or VMP) is its demand for labor curve „ Explain in what sense the demand for labor is a “derived” demand „ Identify the key factors influencing the elasticity of demand for inputs „ Describe how equilibrium wage rates are determined for perfectly competitive firms