Solved: What is the price of good x in terms of the price of good y, Microeconomics

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What is the price of good x in terms of the price of good y

Problem

Kim's utility function is given by U = 5X + 2Y, where MU_X = 5 and MU_Y = 2.

a. Suppose that at the prices P_X and P_Y of good X and good Y, respectively, Kim is consuming (optimally) some positive amount of good X and some positive amount of good Y. What is the price of good X in terms of the price of good Y?

b. How will her consumption change if P X doubles, while P Y does not change?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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