According to the book Essentials of Metaheuristics and this Stack Overflow thread, I should select parent chromosomes in the population upon which I should kill to make room for the new ones. My question is from your experience, ideally how many should I kill, say if my size of population is 100? or what if my population size is 50?
Note: I also assumed here that the number of offspring == number of parents to kill
I'd start with one or two children and a fixed population size(1).
Steady state populations often exhibit premature convergence issues so you should use some techniques to limit that problem.
Some simple ideas are:
(1) At least initially. There are many papers that describe the advantages of a variable size population, but they introduce various parameters that are harder to tune and require more effort.
E.g. in "Genetic Algorithm with Variable Population Size" (by Arabs) each individual has an age and lifetime.