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For the following problems, identify the hypotheses, define Type I and Type II errors, and discuss...

For the following problems, identify the hypotheses, define Type I and Type II errors, and discuss the consequences of each error. (When you set up the hypotheses, consider which is the hypothesis you are ”trying to prove”, and that is your alternative. The null hypothesis is then the status quo.)

a. The FDA judges the safety of new drugs. When faced with a new drug, there are two possible decisions: approve the drug or disapprove the drug.

b. You are faced with two investments. One is very risky, but potential returns are high, while the other one is safe but the potential is quite limited. Pick one.

Math   Statistics-And-Probability   
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