The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life for the drug that is, the length of time that the company has to recover research and development costs and to make a profit. The distribution of the lengths of actual patent lives for new drugs is given below: | 8 11 0.22 Year, y 4 | 6 | 0.14 a) What is the value of “?" so that the above is the probability distribution? 5 7 9 10 12 fy) 0.05 0.07 | 0.20 | 0.17 0.08 0.01 b) Find the mean and standard deviation of patent life for a new drug. c) What is the probability of a patent living at least ten years for new drugs?
The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life for the drug that is, the length of time that the company has to recover research and development costs and to make a profit. The distribution of the lengths of actual patent lives for new drugs is given below: | 8 11 0.22 Year, y 4 | 6 | 0.14 a) What is the value of “?" so that the above is the probability distribution? 5 7 9 10 12 fy) 0.05 0.07 | 0.20 | 0.17 0.08 0.01 b) Find the mean and standard deviation of patent life for a new drug. c) What is the probability of a patent living at least ten years for new drugs?
Elementary Geometry for College Students
6th Edition
ISBN:9781285195698
Author:Daniel C. Alexander, Geralyn M. Koeberlein
Publisher:Daniel C. Alexander, Geralyn M. Koeberlein
Chapter8: Areas Of Polygons And Circles
Section8.CR: Review Exercises
Problem 40CR
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Transcribed Image Text:The maximum patent life for a new drug is 17 years. Subtracting the length of time required
by the FDA for testing and approval of the drug provides the actual patent life for the drug-that
is, the length of time that the company has to recover research and development costs and to
make a profit. The distribution of the lengths of actual patent lives for new drugs is given below:
| 8
| 0.20
| 6
| 0.14
a) What is the value of “?" so that the above is the probability distribution?
|9
0.08
| 11
0.22
Year, y 4
5
10
12
føy)
0.05
|0.07
0.17
0.01
b) Find the mean and standard deviation of patent life for a new drug.
c) What is the probability of a patent living at least ten years for new drugs?
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