Integer Programming: Budget Allocation with Excel Solver (Knapsack Problem)

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Given a limited resource (e.g. a budget) and a collection of activities, each of which consumes a portion of the resource and provides some benefit, choose which activities to perform so that the total benefit is maximized without exceeding the budget. This problem captures several real-life situations in which the "budget" can be money, time, space, weight, etc. In the literature, this problem is known as the knapsack problem.