1. What are the highest and lowest payments from the writer that the beekeeper-farmer team will accept for the sixth day? Assuming that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept? Assuming that the beekeeper gets that amount, what range of payments will the farmer accept? (Remember that negative payments are also possible.) Answer the same questions for the fifth day.

2. Some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the production of both, rather than oil alone as in our examples. Will fields with both oil and gas have greater difficulties in unitization than fields with oil or gas alone? Explain.

3. Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them and staff them with employees? In many smaller cities all McDonald's outlets are owned by the same franchisee. Why is (or isn't) this fact consistent with our discussion of specific investments?

4. Every so often, a disgruntled college graduate sues her school on grounds that her tuition payments did not land her the good job she was expecting when she started there.

Courts invariably throw out cases like hers. They are, however, willing to entertain suits against trade schools by graduates who make the same claims about inability to qualify for jobs that use the skills they learned in them. Why the difference?