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The Knapsack Problem is a resource allocation problem that involves selecting items from a set of n items with weight and value associated with each item. The total capacity of the knapsack is set at M, and the selected items must maximize profit while not exceeding the knapsack capacity. The problem has two variants: 0/1 knapsack, which does not allow breaking up items, and fractional knapsack, also known as a binary knapsack.
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