Problem
Kim's utility function is given by U = 5X + 2Y, where MUX = 5 and MUY = 2.
a. Suppose that at the prices PX and PY 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.