Lisa, Jerome, and Michael are heirs to their parents' estate in New York. The lawyer has informed them that the estate consists of a house, a collectors' motorcycle, a Rolls Royce, a Denver Broncos' season ticket, and $7,000 in cash. They are told to submit the bids by mail within 7 days. The lawyer has listed their submitted bids as shown below. Use the method of fair division to divide the estate among the heirs.
I) For each heir, state their fair share, the items received, the amount of cash and the final settlement.
Summarize your results in a matrix.
| House | Motorcycle | Rolls Royce | Ticket | |
|---|---|---|---|---|
| Lisa | $40,000 | $5,000 | $35,000 | $150 |
| Jerome | $38,000 | $5,500 | $27,000 | $225 |
| Michael | $42,000 | $4,300 | $26,500 | $300 |
II) Suppose one heir submitted the highest bid for all the items. How would you resolve this?
III) Suppose Jerome was out of town and didn't get his bid submitted on time, how would you resolve this?