Question: 1) Allie and Burt agree to divide four items using the method of sealed bids. Their bids on each of the items are given in

1) Allie and Burt agree to divide four items using the method of sealed bids. Their bids on each of the items are given in the following table. In the final settlement, Allie got Item 3, Item 4, and $850 in cash. What was Burt's bid on Item 2? Note. Bids are in hundreds of dollars. 1. Party Allie Burt 2. Fractional share 0.5 0.5 3. Bids: Item 1 $15 $16 Item 2 $7 X Item 3 $3 $2 Item 4 $5 $2 4. Sum of bids $30 $20 + X 5. Fair share value $15 (0.5) ($20 + X) 6. Awards Item 3: $3 Item 1: $16 Item 4: $5 Item 2: X 7. Total value of awards $8 $16 + X 8. Remaining claim $7 ($10 + 0.5X) - ($16 + X) 9. Leftover -$1 + 0.5X 10. Fair share of leftover -$0.5 + 0.25X -$0.5 + 0.25X 11. Cash flow $8.5 -$8.5 12. Total value of settlement $16.5 $15.5 In the final settlement, Allie got Item 3, Item 4, and $850 in cash. What was Burt's bid on Item 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

1. What was GreenWoods rationale for entering China in 2005? What entry strategy did GreenWood use to enter China? What were the advantages and disadvantages of the China entry decision? 2. What...

And also the Final Allocation (Items and Net Payment/Receipt), The sum of all monies paid into the estate and the sum of monies paid out of the state and the difference of that, and Each players...

This set-up is used for the following three problems. Mahmud, Katya, and Saya are dividing an estate consisting of a house and a car, using the Method of Sealed Bids. Their bids on each of the items...

Four people ran for the mathematics department chair post. The votes were tallied in the following preference list. 12 11 9 7 Number of Voters Rank First Choice Second Choice Third Choice Fourth...

#4. Four roommates are going their separate ways after graduation and wish to divide up their jointly owned furniture (equal shares) and the moving chores by the method of sealed bids Their bids (in...

MGT254. Contracts and Procurement MGT 254. Contracts and Procurement Assignment 1 Writing a Statement of Work (SOW) Introduction The full life-cycle of a procurement of a good or service is typically...

Business Event Analysis: Complete the following table based on the specified NBD event. Receive Shipment (From Supplier) Trigger(s) (also indicate type) Collected Data (originates as input for event)...

1 Writing a Statement of Work (SOW) Introduction The full life-cycle of a procurement of a good or service is typically comprised of five stages: Stage 1. An attempt is made to identify possible...

When George Terrell died in 1996, he left his business to his three daughters, none of whom was active in the company. Louis Palombo was acting as president of Terrell at that time. For nearly a...

I have the following completed: 1120, 2220,1125 A , 1125 E I need the following forms completed asap:SCHEDULE D and G form 4562, form 4797 schedule detail M-1 it should be fairly easy to do the rest...

Income Statement for a Merchandiser Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. $125,600 (al Less: Sales returns and allowances $122,040 $23,400...

In a survey of 3611 adult Americans 18 years and older conducted in July 2010 by Smart Revenue, it was found that 542 have used their smartphone to make a purchase. (a) Obtain a point estimate for...

McDermott Corporation is looking to purchase a building costing $ 1 , 8 6 0 , 0 0 0 by making a payment of $ 7 5 , 7 8 8 every three months, beginning three months after the purchase date, for the...

(data in minutes) Initial After 30 22 36 20 19 21 20 15 23 21 23 17 32 + 19 31 19 20 14 24 19 35 21 37 19 34 16 26 16 33 19 24 15 36 22 30 19 22 22 36 14 36 17 26 14 21 17 37 15 33 19 27 20 36 17 26...