GreenT_M5_A2.Discussion

GreenT_M5_A2.Discussion - Module 5 Assignment 2 Fair Shares...

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Module 5 Assignment 2: Fair Shares The Center City Anuraphilic Society Auction (Sealed Bids & Fair Shares Method) Abraham unseals his estimate of the value of the collection at $12,000.00. Bobby’s estimate of the value of the collection is $6,000.00. Charlene values the collection at $9,000.00. Who receives the collection of frogs? What is each person’s fair share of the monetary value of the collection? How much money is owed to each of the two people who do not “win” the collection of frogs? Abraham wins the tropical frog collection with the highest estimated value bid of the collection at $12,000.00. 1/3 • $12,000 = $4,000 $4,000 is Abrahams Fair Share $12,000 - $4,000 = $8,000 $8,000 is the amount Abraham owes to the collection Charlene’s Fair Share: 1/3 • $9,000 = $3,000 $3,000 is Charlene’s Fair Share Bobby’s Fair Share: 1/3 • $6,000 = $2,000 $2,000 is Bobby’s Fair share Ending Balance: $8,000 - $3,000 - $2,000 = $3,000 $3,000 is left after the fair shares are paid which becomes divided between all three members Total Amount Collected: Abraham collects the frog collection and gets to keep $1,000 of the $3,000 ending balance.
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