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Is there an economic justification to pay a baseball player $25 million a year? The quarterback Peyton Manning makes $14 million per year. Has this
Is there an economic justification to pay a baseball player $25 million a year? The quarterback Peyton Manning makes $14 million per year. Has this market gotten completely out of hand? Can there be any justification to some of the salaries paid? If so, what are the justifications? What impact do these salaries have on the demand for seats and on ticket prices? (Hint: What is Payton Manning's MRP? What factors go into determining his MRP?)
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