Required information Exercises 18-36 (Algo) Cost Allocation; Sharing Cab Fare [LO 18-3] [The following information applies to the questions displayed below.] Suppose there are three passengers sharing a single cab ride and that passenger A's usual fare to his destination would be $19, passenger B 's usual fare to her destination would be $18, and passenger C 's fare would be $37. Because they are sharing the cab, and assuming no surcharge, the total cab fare is $37, rather than the $74 they would have had to pay in total individually. So there is a $37 saving to sharing the cab. Part1 (Algo) Required: 1. Assume the passengers decide to split the $37 savings based on the relative proportion of how much each passengewould have paid individually if they had not shared the cab. How much will each passenger pay? 2. Assume, instead, that the passengers decide to split the cab fare so that each passenger saves the same absolute amount of money. How much will each passenger pay? Required information Exercises 18-36 (Algo) Cost Allocation; Sharing Cab Fare [LO 18-3] [The following information applies to the questions displayed below.] Suppose there are three passengers sharing a single cab ride and that passenger A's usual fare to his destination would be $19, passenger B 's usual fare to her destination would be $18, and passenger C's fare would be $37. Because they are sharing the cab, and assuming no surcharge, the total cab fare is $37, rather than the $74 they would have had to pay in total individually. So there is a $37 saving to sharing the cab. Part 2 (Algo) 3. Explain how you would split the total cost of the cab fare and why. Are there other ways that could be sensible and/or fair