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
|