The game of Monopoly has the following properties, which are priced at the amount listed below:
Dark Purple: Mediterranean Avenue ($60), Baltic Avenue ($80)
Light Blue: Oriental Avenue ($100), Vermont Avenue ($100), Connecticut Avenue ($120)
Light Purple: St Charles Place ($140), States Avenue ($140), Virginia Avenue ($160)
Orange: St James Place ($180), Tenessee Avenue ($180), New York Avenue ($200)
Red: Kentucky Avenue ($220), Indiana Avenue ($220), Illinois Avenue ($240)
Yellow: Atlantic Avenue ($260), Ventnor Avenue ($260), Marvin Gardens ($280)
Green: Pacific Avenue ($300), North Carolina Avenue ($300), Pennsylvania Avenue ($320)
Dark Blue: Park Place ($350), Board walk ($400)
Your assignment is to capture the data related to the rents earned with no houses, 1 house, 2 houses, 3 houses, 4 houses, and a hotel, and answer the following questions, assuming that over the course of the game any one property is just as likely to be landed on as any other:
1. Which color groups have the highest yields?
2. How much better is it, on average, to build on the first property in a color group vs. the last (For example, St Charles Ave. vs. Virginia Ave or St. James Place vs. New York Ave)?
3. On average, how much do rents increase by adding the first house, second house?
4. In a well written paragraph, explain any insights you’ve developed and how you might play the game differently, the next time you play it.
5. Assuming you have the cash, why might you prefer not to build a hotel?
Submit your answers printed, with all supporting data.