Lagrange multipliers are used in multivariable calculus to find maxima and minima of a function subject to constraints (like "find the highest elevation along the given path" or "minimize the cost of materials for a box enclosing a given volume").
- What does the Lagrange multiplier tell us?
- What is Lagrangian used for?
- When not to use Lagrange multipliers?
What does the Lagrange multiplier tell us?
The Lagrange multiplier, λ, measures the increase in the objective function (f(x, y) that is obtained through a marginal relaxation in the constraint (an increase in k). For this reason, the Lagrange multiplier is often termed a shadow price.
What is Lagrangian used for?
How a special function, called the "Lagrangian", can be used to package together all the steps needed to solve a constrained optimization problem.
When not to use Lagrange multipliers?
Recall that a minimum for a differentiable function occurs either at a point where the derivative is 0, or on the boundary. If the minimum is an interior point, the Lagrange multipliers won't matter.