Finding values of variables that maximize or minimize a given function.

- An
**optimization problem**is a problem in which the values of variables that maximize or minimize a given function are sought. - The term “economic function” generally refers to the function to be optimized, and “
**constraints**of the problem” refers to the system of relations that links the variables to one another.

### Examples

- A farmer wishes to maximize the productivity of a herd of dairy cows.
- The manager of a box manufacturing company wishes to minimize production costs.