Question: Based on Food and Drug Administration FDA statistics the average
Based on Food and Drug Administration (FDA) statistics, the average time to development of a new drug is 2500 days (source: asco.org). You track a random sample of 50 new drugs and discover that the average time to development for the drugs in the sample is 2428 days. Is this sufficient sample evidence to make the case the average development time is not 2,500 days? Use a significance level of 1%. Assume the population standard deviation is 380 days.
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