Question: You are examining the economy of a very small completely
You are examining the economy of a very small, completely isolated island nation. There are only three people on this island: Fred, Robinson, and Friday. Fred owns a house valued at $1,000 and owes Friday $500. Robinson owns a house valued at $3,000 and owes Friday $2,000. Friday’s house is valued at $1,500. Derive the balance sheet of this island economy.
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