Use the following information to answer the Questions:
Three children must make fair division of a painting and sculpture left them by their mother. Using the Knaster inheritance procedure, the value each child places on the objects is shown below. $$\begin{array} { l l l l }
\text { Object } & A & B & C \
\text { Painting } & \$ 4000 & \$ 6300 & \$ 6000 \
\text { Sculpture } & \$ 2300 & \$ 1800 & \$ 2400
\end{array}$$
-What does B get after the fair division?
A) painting and $366.67
B) painting and pays $3233.34
C) painting and pays $3600
D) painting and pays $2250

Question

Use the following information to answer the Questions:
Three children must make fair division of a painting and sculpture left them by their mother. Using the Knaster inheritance procedure, the value each child places on the objects is shown below. $$\begin{array} { l l l l } 
\text { Object } & A & B & C \
\text { Painting } & \$ 4000 & \$ 6300 & \$ 6000 \
\text { Sculpture } & \$ 2300 & \$ 1800 & \$ 2400
\end{array}$$
-What does B get after the fair division?
A) painting and $366.67 
B) painting and pays $3233.34
C) painting and pays $3600
D) painting and pays $2250

Quizplus · Accepted Answer

Using the Knaster inheritance procedure:
1. A divides the objects into three sets that she considers equivalent in value. In this case, the painting is worth \$4000 to A, so she takes the painting and divides the sculpture into two sets worth \$3500 each.
2. B chooses one of the sculpture sets. B knows that each set is worth \$3500, and she values one set at \$1800 and the other at \$2400. She takes the set worth \$2400 and pays C the difference of \$900.
3. C takes the remaining sculpture set and the difference payment of \$900.
4. The only object left is the painting, which A already took in step 1.
So, B gets the sculpture worth \$2400 and pays C \$900. Therefore, B gets the painting and pays $3233.34.

Use the Following Information to Answer the Questions: Three Children

Use the Following Information to Answer the Questions:
Three Children