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Discuss the Concept of Constrained Optimization.Include Some Examples

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Discuss the concept of constrained optimization.Include some examples.


Definitions:

Free-Rider Problem

A situation in which individuals benefit from resources, goods, or services without paying for the cost of the benefit, leading to underprovision of those goods or services.

Local Government

A form of public administration which, in a majority of contexts, exists as the lowest tier of administration within a given state.

Funds

Resources in the form of money available for transactions or investments.

Free Bus Rides

A policy or situation where public transportation buses are provided to passengers without any charge.

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