A new drug can be an expensive process, resulting in high costs to patients. A pharmaceutical company has developed a new drug to reduce cholesterol, and it will conduct a clinical trial to compare the effectiveness to the most widely used current treatment. The results will be analyzed using a hypothesis test.
a) If the test yields a low P-value and the researcher rejects the null hypothesis, but it actually is not better, what are the consequences of such a mistake?
b) If the test yields a high P-value and the researcher fails to reject the null hypothesis, but the new drug is more effective, what are the consequences of such a mistake?