Product of labor and the marginal revenue product

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When Nick Saban agreed to leave his job as head coach of the Miami Dolphins National Football League team to take a job as head football coach at the University of Alabama, he received a salary of $4 million per year for eight years. Ivan Maisel, a columnist for ESPN.com, wondered whether Saban was worth such a large salary: "Is Saban eight times better than the coach who outmaneuvered Bob Stoops of Oklahoma on Monday night? Boise State paid Chris Petersen $500,000 this season-and he still hasn't lost a game." Might Saban still be worth a salary of $4 million per year to Alabama even if he is not "eight times better" than a coach being paid $500,000 at another school? In your answer, be sure to refer to the difference between the marginal product of labor and the marginal revenue product of labor.

Reference no: EM131023654

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