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Let X denote the price of a randomly selected weekly shipment. Then X has the following probability distribution.
Price 10.00 probability 0.3
Price 12.50 probability 0.2
Price 15.00 probability 0.5
Expected price of a weekly shipment = Σ x P(x) = 10.00 * 0.3 + 12.50 * 0.2 + 15.00 * 0.5
= 3 + 2.5 + 7.5 = 13
Let X1, X2, …, X52 be the prices of the first, second,…,52nd weekly shipments next year.
Then the total budget is X1 +X2 +…+X52
The expected budget is E(X1 +X2+…+X52) = E(X1)+…+E(X52) = 13+…+13 = 13 * 52 = 676
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