In a capital murder trial, with a potential penalty of life in prison, would you as judge tell the jury to make sure that we accidently convict an innocent person only one time in a hundred, or use some other threshold? What would it be?

a. What is the economic cost of a Type I error in this example? List some of the factors that would have to be considered in such a calculation.

b. What is the economic cost of a Type II error in this example? List some of the factors that would have to be considered in such a calculation.