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?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.

Question

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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