Chapter 7, "Utility Maximization" tells us how economists quantify the way we make choices as consumers. Their assumptions are that as consumers we are Trying to maximize our utility or "satisfaction"--generally following a model of rational choice In making choices between two (or among more) goods, we are choosing the mix of goods that provides the most satisfaction -- within the limits of what we can afford. We are operating within a budget Aware of the "marginal utility" of our purchases, or additional value achieved for each dollar spent Now, You are the Economizing Consumer, and You Are Going Shopping! Instructions: This exercise asks you to connect the abstract concepts of consumer choice and utility maximization to your own real-world purchasing behavior. You will visit a grocery store (or hardware store, auto parts store, online marketplace, etc.) and document your decision-making process. The goal is to see how the theoretical framework of microeconomics appears in a common, everyday task. Part 1: The Shopping Trip Before you go: Establish your budget: Select a specific, fixed amount of money you can spend on this trip (e.g., $50). Be prepared to spend only this amount. This will serve as your budget constraint. Make a list: Create a shopping list of at least ten items you intend to purchase. Note that you may not be able to buy everything on your list. Identify your objective: Write down your personal objective for this shopping trip. For most trips, this is