Constrained Optimization

Whenever we think of a real life problem, we always want to get the most optimal result. I said optimal and not the best possible because we don’t have unlimited resources. Given unlimited resources, we would always pick the best one and we don’t have to think about it at all. But unfortunately in real life, this is almost never the case. Let’s say you want to buy a car. Ideally you want the best possible car, but you don’t have unlimited money. So you would buy a car with maximum features while minimizing your cost. This is not so hard to do because you have a limited number of variables. Hence you would just do it manually. What would you do when you have to deal with a lot of variables? How would you do it?   Continue reading