Death by Bureaucrat (see the article attached)
1. What is scarce about this article?
2. What is Type I and Type II errors?
3. Explain how Type I and Type II errors is an example of opportunity cost.
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4. Explain how the FDA approving safe and effective drugs for patient use is an example of
thinking at the margin.
5. Taking into consideration that there are costs for Type I and Type II errors, what do you
think should be the right mixture Explain.
