A man has a neighbor who owns a dog. The man has nothing against dogs as pets, but this one is yappy and barks incessantly. Let's say that the neighbor values the dog at its fair market value of \(£ 600\) (we'll ignore any sentimental value the owner might have for the pet).

a. Suppose the man values peace and quiet at \(£ 1,000\) but the neighbor has the legal right to keep a yappy dog. Can the man and his neighbor reach a mutually agreeable price for relocating the dog to a farm in the country? Explain.

b. If the man instead values peace and quiet at \(£ 400\) but the neighbor has the legal right to keep a yappy dog, can the man and his neighbor reach a mutually agreeable price for resolving the situation? Explain.

c. If the man instead values peace and quiet at \(£ 400\) and has the legal right to peace and quiet, can the man and his neighbor reach a mutually agreeable price for resolving the situation? Explain.