3.2 Practice Nar 1.) Using the Knaster Inheritance Procedure, describe a fair division for three heirs, A, B, and C, who inherit a house in the city, a small farm, and a valuable sculpture, and who submit sealed bids on these objects as follows: C A $145,000 $135,000 $110,000 Object House Farm Sculpture B $149,999 $130,001 $80,000 $165,000 $128,000 $127,000
3.2 Practice Nar 1.) Using the Knaster Inheritance Procedure, describe a fair division for three heirs, A, B, and C, who inherit a house in the city, a small farm, and a valuable sculpture, and who submit sealed bids on these objects as follows: C A $145,000 $135,000 $110,000 Object House Farm Sculpture B $149,999 $130,001 $80,000 $165,000 $128,000 $127,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3.2 Practice
Nar
1.) Using the Knaster Inheritance Procedure, describe a fair division for three heirs, A, B, and C, who inherit a house in
the city, a small farm, and a valuable sculpture, and who submit sealed bids on these objects as follows:
C
A
$145,000
$135,000
$110,000
Object
House
Farm
Sculpture
B
$149,999
$130,001
$80,000
$165,000
$128,000
$127,000
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