Uta,Piper,and Hoku Own 1,000 Acres of Land as Tenants in Common.Part

question 16

Essay

Uta,Piper,and Hoku own 1,000 acres of land as tenants in common.Part of the land borders an interstate highway,another part borders a farm-to-market road,and part is scarred with deep erosion and gullies.The three want to divide the land into separate parcels for each of them,but cannot agree.Discuss how a court will resolve the problem.

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Definitions:

Marginal Cost

The charge of crafting one more unit of a product or service.

Product Markets

Markets where goods and services produced by businesses are sold to households.

Negative Externalities

These are costs that are suffered by a third party as a result of an economic transaction, which are not reflected in the market price.

Positive Externalities

Benefits that are enjoyed by a third-party or the society at large as a result of an economic transaction.