Question: Defining the objective function might not be straight forward in many real-world applications of optimization. For example, consider the following problem: The university has some

  1. Defining the objective function might not be straight forward in many real-world applications of optimization. For example, consider the following problem: The university has some extra budget to spend on improving the quality of education. How can you define an objective function for this example (Hint: what should be maximized or minimized)? Give at least three different ways the objective function can be defined.
  2. What are some alternatives for investing the extra budget?
  3. Do you think the whole budget should be spent on one of the alternatives, or divided between different alternatives? Why?
  4. Considering your answer to parts (b) and (c), and assuming the whole budget is $1,000,000, give three examples of feasible solutions
  5. Give an example of an infeasible solution.

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