Develop your own quantitative example of farmer and rancher, where farmer sells corn and rancher sells beef. Ranchers herd of cows occasionally transpass and damage farmers corn crop. They can both build the fancing where farmer would need to pay $75 for the fence, and ranchers cost of fence is $100. Please be sure to state your example's assumptions, payoffs, costs, etc. clearly. (ii) Explain whether (and how) efficiency can be achieved under each legal rule in the absence of bargaining? (iii) What is the total surplus from the bargain? (iv) How would the surplus be divided? Is there one solution or a continuum of potential solutions? (v) What level of transaction costs would make an agreement possible? Impossible? (vi) How does the amount of transaction costs affect your answer to (iii) and (iv)? Please be sure to include numerical responses for each of your answers