FDA Testing The maximum patent life for anew drug is 17
Chapter 4, Problem 96(choose chapter or problem)
FDA Testing The maximum patent life for anew drug is 17 years. Subtracting the length of timerequired by the FDA for testing and approval of thedrug provides the actual patent life of the drugthatis, the length of time that a company has to recoverresearch and development costs and make a profit.Suppose the distribution of the lengths of patent lifefor new drugs is as shown here:Years, x 345678p(x) .03 .05 .07 .10 .14 .20Years, x 9 10 11 12 13p(x) .18 .12 .07 .03 .01a. Find the expected number of years of patent life fora new drug.b. Find the standard deviation of x.c. Find the probability that x falls into the intervalm 2s
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