Explain the concept of lambda functions in Python. How are they used for creating anonymous functions?

Lambda functions, also known as anonymous functions, are a concise way to create small, one-line functions without a formal function definition. In Python, lambda functions are created using the lambda keyword and are typically used in situations where a small, inline function is required. The syntax of a lambda function is as follows: ``` python`lambda arguments: expression` ``` The lambda function takes a list of arguments, followed by a colon, and then an expression that is evaluated and returned as the result. Here's an example of a lambda function that adds two numbers: ``` python`add = lambda x, y: x + y` ``` In this example, the lambda function takes two arguments `x` and `y` and returns their sum. The lambda function can be assigned to a varia....