Question

Fair Division ProjectYou are tasked to use the methods of fair division to divide the goods in five different situations. It is worth 100 points.Scenario 1–Lone divider Draw a picture of a cake with three distinct flavors on it. Using lines, divide the goods into five slices and label them s1–s5. Ask five different people how much they would pay for each slice (bids)if the entire cake costs $30. Make sure they put their bid on a sheet of paper and give it to you so they do not see the other bids.Picture of Goods.PlayerS1 S2 S3 S4 S5 Total Value Decide on the fair division of your goods. Use the space below to show your calculations. Then fill in the table showing how the goods were divided. Player Slice Value (%)

Answer 1

This means the each slice would be about 10 dollars because the cake still costs $30 and if a piece of cake got eaten it would be the same price.

Explanation:

Answer 2

Michelle can keep with slice 5, James slice 2; Linda: slice 3, Jack slice 4 and Truett: slice 1

Explanation:

To answer this question, let's assume we want to divide a three flavors pie, to five people. Same size sliced pie. Each recipient wants more than one flavor. The seller wants $30 for the cake. Then each one bid as in the table, and the fair share is 20% or $6.

Truett then is the lone divider. He has no flavor preference and is willing to pay the same for any slice. So let's check the bid list (table below)

Jack ={s3, s4}

James = {s2, s3}

Linda ={ s3, s5}

Michelle = {s1, s2, s5}

Truett values all slices. Finally, we can conclude that:

Michelle can keep with slice 5, James slice 2; Linda: slice 3, Jack slice 4 and Truett: slice 1

Each one kept its fair share ≥ 20% of $30.