Lobsters vary in sizes the bigger the size the more


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

0.2

3.25

0.2

3.40

0.05

3.60

2

0.05

5.00

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Basic Statistics: Lobsters vary in sizes the bigger the size the more
Reference No:- TGS02167379

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