Is there a math formula to calculate the correct size of a DC power supply capacitor?
Yes. It comes from the basic formula relating current, time, capacitance and voltage change:
C = I * dT / dV
where C is the needed capacitance in farads, I is the load current in amps, dT is the time during which the capacitor is discharging in between being recharged through the rectifier in seconds, and dV is the voltage droop during the discharge period, i.e., the allowable peak-to-peak ripple, in volts.
EXAMPLE: I have a supply which must provide up to 2 amps of load current, using a full-wave bridge rectifier running off 60 Hz mains. How much capacitance do I need across the bridge rectifier output to keep ripple to 1.5 Vp-p or less?
C = I * dT / dV = 2 * 0.00833 / 1.5 = 0.0111 F = 11,100 uF
Or is it easier to keep making the capacitor larger until AC ripple is gone?
It will never be "gone": it will merely get smaller and smaller the larger you make the capacitor.
What is best circuit drawing some have capacitors only & some have a choke coil too?
NO ONE uses chokes anymore to smooth out power supply ripple; those were common back in the valve era, when voltages were very high and load currents very low. For modern low-voltage, high-current supplies, they just add unnecessary weight and cost.
I read bleeder resistor should put 10% load on the power supply? This seems like a lot of wasted power.
Bleeder resistors, too, are a relic of the valve era, and were used largely for safety reasons. On low voltage supplies, they're not necessary. I haven't used a bleeder resistor or a smoothing choke in a power supply design in more than fifty years.[/QUOTE]