The bigger the size the more valuable the lobster per pound

Reference no: EM131370710

Lobsters vary in sizes. The bigger the size, the more valuable the lobster per pound (a 6-pound lobster is more valuable than two 3-pound ones). Lobster merchants will sell entire boatloads for a certain price. The boatload has a mixture of sizes. Suppose the distribution is as follows:

x(pound)	P(x)	v(x) ($)
½	0.1	2
¾	0.1	2.5
1	0.3	3.0
1¼	0.2	3.25
1½	0.2	3.40
1¾	0.05	3.60
2	0.05	5.00

Reference no: EM131370710

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