The most efficient / least costly way to fertilize lawns is to provide nitrogen, plus minerals lacking in your soil. I doubt your grass needs all the stuff in MSU fertilizer. Contact your county agricultural extension office. I am sure they have lots of information on maintaining lawns.
You probably have desert soils, as we do... the only fertilizer necessary for grass in metro Phoenix is ammonium sulfate. We have all the minerals grass needs, so we just need a nitrogen source.
Lastly, consider replacing your lawn with drought-tolerant succulent ground covers. Done right, they look far better than lawns. The Denver Botanical Garden has extensive information available on doing this.
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