Objective: This assignment aims to deepen the understanding of the foundational concepts of consumer choice and marginal utility theory in microeconomics. Students are expected to explore the historical context, basic principles, real-world applications, and criticisms of the theory. 1. Introduction to Consumer Choice: a. Define consumer choice in the context of microeconomics. b. Explain its importance in the study of economics. 2. Historical Overview of Marginal Utility Theory: a. Identify the primary economists who contributed to the development of the marginal utility theory. b. Discuss the historical context in which the theory was developed. 3. Principles of Marginal Utility Theory: a. Define marginal utility and its relation to total utility. b. Discuss the law of diminishing marginal utility. c. Describe how consumers make decisions based on the principle of equating marginal utility per dollar spent across all goods. 4. Real-world Applications: a. Provide at least two real-world examples demonstrating the principle of marginal utility in action. b. Explain any challenges or complexities in applying the theory in real-world scenarios. 5. Critiques and Limitations: a. Identify at least two criticisms of the marginal utility theory. b. Discuss alternative theories or models that challenge or complement the concept of marginal utility. 6