Diffusion of information. Pharmaceutical firms invest significantly in testing new
Chapter 3, Problem 47(choose chapter or problem)
Diffusion of information. Pharmaceutical firms invest significantly in testing new medications. After a drug is approved by the Federal Drug Administration, it still takes time for physicians to fully accept and start prescribing the medication. The acceptance by physicians approaches a limiting value of 100%, or 1, after time t, in months. Suppose that the percentage P of physicians prescribing a new cancer medication after t months is approximated by a) What percentage of doctors are prescribing the medication after 0 months? 1 month? 2 months? 3 months? 5 months? 12 months? 16 months? b) Find and interpret its meaning. c) Sketch a graph of the function.
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