Developing 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 that the new drug is not more effective, but it actually is not better, what are the consequences of such an error?
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 an error?