Solved: Three neighbors have backyard vegetable gardens. Neighbor A grows tomatoes
Chapter 10, Problem 4(choose chapter or problem)
Three neighbors have backyard vegetable gardens. Neighbor A grows tomatoes, neighbor B grows corn, and neighbor C grows lettuce. They agree to divide their crops among themselves as follows: A gets 1 2 of the tomatoes, 1 3 of the corn, and 1 4 of the lettuce. B gets 1 3 of the tomatoes, 1 3 of the corn, and 1 4 of the lettuce. C gets 1 6 of the tomatoes, 1 3 of the corn, 1 2 of the lettuce. What prices should the neighbors assign to their respective crops if the equilibrium condition of a closed economy is to be satisfied, and if the lowest-priced crop is to have a price of $100?
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