A cattle rancher and a wheat farmer own adjacent properties that may or may not be separated by a fence. The accompanying table identifies the annual profit received by each party in the event there is, or there is not, a fence. If there is no fence, one can be installed and maintained at an annual cost of $25,000. $\begin{array}{lll}&\text { Fence }&\text {no Fence }\
\text { Cattle Rancher } & \$ 40,000 & \$ 45,000 \
\text { Wheat Farmer } & \$ 50,000 & \$ 20,000
\end{array}$ If legal rights are assigned to the wheat farmer so that the cattle rancher is liable for any damage caused by his cattle to the wheat crop, then the:

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The Answer of A cattle rancher and a wheat farmer own adjacent properties that may or may not be separated by a fence. The accompanying table identifies the annual profit received by each party in the event there is, or there is not, a fence. If there is no fence, one can be installed and maintained at an annual cost of $25,000. $\begin{array}{lll}&\text { Fence }&\text {no Fence }\
\text { Cattle Rancher } & \$ 40,000 & \$ 45,000 \
\text { Wheat Farmer } & \$ 50,000 & \$ 20,000
\end{array}$ If legal rights are assigned to the wheat farmer so that the cattle rancher is liable for any damage caused by his cattle to the wheat crop, then the:

A Cattle Rancher and a Wheat Farmer Own Adjacent Properties