John, Jack, and James are neighbors and each of them has children. They are keen to have a playground in the vacant land adjacent to their house. The playground with simple facilities, such as a swing and a see-saw, requires

$6,000 to build. The playground is worth $5,000 to John,

$2,500 to Jack, and $1,500 to James.

a. Is it efficient to build the playground?

b. Will any of the three parties build the playground on their own?

c. The town council suggests that each of them pay onethird of the price to build the playground. It puts the matter to a vote and requires majority to vote in favor to implement it. Will the playground get built?