I want to find the minimum of the function $f(x,y) = x + y^2$ with the constraint $2x^2 +y^2 = 1$.
Here are my partial derivatives:
$$f_x = 1$$ $$f_y = 2y$$ $$g_x = 4x$$ $$g_y = 2y$$
I have the following system of equations: \begin{align*} 1 = \lambda4x\\ 2y = 2y\lambda\\ 2x^2 + y^2 = 1 \end{align*}
and I found that $$\lambda = 1,\ x = 1/4,\ \text{and }y = +-(7/8)^{1/2}.$$ And Wolfram Alpha shows that the above is the maximum value, and that the minimum value is $$ x= -1/(2)^{1/2}\text{ and }y = 0.$$
How can I find this value? I missed something.
You correctly got the three equations for the Lagrange method. The 2nd equation tells you that $\lambda=1$ or $y=0$.
$\lambda=1$ gives you the stationary point you identified, which has $x=\frac{1}{4},y^2=\frac{7}{8}$ and hence $f(x,y)=\frac{9}{8}$.
$y=0$ gives $x^2=\frac{1}{2}$ and hence $x=\pm\frac{1}{\sqrt2}$ and $f(\pm\frac{1}{\sqrt2},0)=\pm\frac{1}{\sqrt2}$.
Note that the constraint limits $(x,y)$ to an ellipse which is a closed, bounded region, so one of these points must be the minimum. Hence the minimum is $-\frac{1}{\sqrt2}$.