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What is the efficient outcome

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Beth can earn $7,500 by renting out her house. However, her neighbor keeps a pet dog that chases away whoever comes looking for the house. Because her neighbor has a right to keep his pet untied, Beth is unable to find a tenant. What is the efficient outcome in this case if her neighbor values keeping his pet free for $1,500? Explain your reasoning for coming up with the efficient solution to this problem.

Reference no: EM132503201

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