Can anyone please help me with an economics class question?
- In 2016, Cristiano Ronaldo, a Portuguese soccer player was the highest paid athlete in the world, according to the Forbes magazine earning about $88 million. His total earnings included $56 million in salary and winning bonus, and 32 million in endorsements.He played for the Spanish soccer team Real Madrid, and for the Portuguese national team Explain the economic justification for the owners paying such a high salary; be sure to incorporate the concept of marginal revenue product (MRP) into your answer. What can you say about the elasticity of supply of Ronaldo’s services and his supply of labor curve?
