This document discusses dynamic memory allocation in C using library functions like malloc(), calloc(), realloc() and free(). It explains that dynamic allocation allows memory to be requested and freed at runtime rather than being fixed at compile time. Memory for a program comes from the stack or heap, with the heap being used for global variables and dynamically allocated memory. Examples are provided to demonstrate allocating memory for an array of floats using malloc(), allocating and initializing memory using calloc(), resizing allocated memory using realloc(), and freeing memory using free().