Problem 2: Cleo's rides Cleo has a fixed weekly budget for bike and taxi rides, and the more the rides she makes, the happier she is. When the price of each bike ride was 3 yuan, she used to take the bike four times per week. Now the price of each bike ride went down to 1 yuan, but she has to pay a weekly subscription fee of 9 yuan to ride bikes. Her new choice is to make three rides per week. Is Cleo better off, worse off, or indifferent compared to before?

Problem 2: Cleo's rides Cleo has a fixed weekly budget for bike and taxi rides, and the more the rides she makes, the happier she is. When the price of each bike ride was 3 yuan, she used to take the bike four times per week. Now the price of each bike ride went down to 1 yuan, but she has to pay a weekly subscription fee of 9 yuan to ride bikes. Her new choice is to make three rides per week. Is Cleo better off, worse off, or indifferent compared to before?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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