Washington, Adams, Jefferson, and Madison bid on a much coveted resource (who will get the Presidency)....

  

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Washington, Adams, Jefferson, and Madison bid on a much coveted resource (who will get the Presidency). Washington Adams Jefferson Madison $340 $1,100 $120 The Presidency $760 The statesmen decide that Washington should get The Presidency. Washington will then pay everyone else $152. (a) What is ww, the value of the winning bid in this example? (b) What is mm, the average of all the bids in this example? (c) What is xAdamsxAdams in this example? (d) What is xJeffersonxJefferson in this example? (e) What is xMadisonxMadison in this example? (f) What is xWashingtonxWashington in this example? (g) What is Adams's fair share? (h) What is Jefferson's fair share? (1) What is Madison's fair share? (1) What is Washington's fair share? (k) Is the arrangement fair?? Yes No (1) What is Adams's XB ratio? Give a decimal answer rounded to four decimal places. (m) What is Jefferson's XB ratio? Give a decimal answer rounded to four decimal places. (n) What is Madison's XB ratio? Give a decimal answer rounded to four decimal places. (o) What is Washington's XB ratio? Give a decimal answer rounded to four decimal places. (p) How much does Washington think he got from the arrangement? (q) How much does Adams think Washington got from the arrangement? (r) How much does Jefferson think Washington got from the arrangement? (s) How much does Madison think Washington got from the arrangement? (t) If everyone wants an Envy-free arrangement, who can win the item?? Washington Adams Jefferson Madison (u) What is the most that your winner from part (t) can pay? (v) What is the least that your winner from part (t) can pay? (w) If everyone wants a Fair arrangement, they may have more than one choice for the winner. The winner can be anyone who bid more than what amount? Washington, Adams, Jefferson, and Madison bid on a much coveted resource (who will get the Presidency). Washington Adams Jefferson Madison $340 $1,100 $120 The Presidency $760 The statesmen decide that Washington should get The Presidency. Washington will then pay everyone else $152. (a) What is ww, the value of the winning bid in this example? (b) What is mm, the average of all the bids in this example? (c) What is xAdamsxAdams in this example? (d) What is xJeffersonxJefferson in this example? (e) What is xMadisonxMadison in this example? (f) What is xWashingtonxWashington in this example? (g) What is Adams's fair share? (h) What is Jefferson's fair share? (1) What is Madison's fair share? (1) What is Washington's fair share? (k) Is the arrangement fair?? Yes No (1) What is Adams's XB ratio? Give a decimal answer rounded to four decimal places. (m) What is Jefferson's XB ratio? Give a decimal answer rounded to four decimal places. (n) What is Madison's XB ratio? Give a decimal answer rounded to four decimal places. (o) What is Washington's XB ratio? Give a decimal answer rounded to four decimal places. (p) How much does Washington think he got from the arrangement? (q) How much does Adams think Washington got from the arrangement? (r) How much does Jefferson think Washington got from the arrangement? (s) How much does Madison think Washington got from the arrangement? (t) If everyone wants an Envy-free arrangement, who can win the item?? Washington Adams Jefferson Madison (u) What is the most that your winner from part (t) can pay? (v) What is the least that your winner from part (t) can pay? (w) If everyone wants a Fair arrangement, they may have more than one choice for the winner. The winner can be anyone who bid more than what amount?

Answer rating: 100% (QA)

a The value of the winning bid in this example is 760 which is the amount that Washington bid for the Presidency b The average of all the bids in this example is 510 which is calculated by adding up a... View the full answer