Student’s Name Instructor’s Name Course Date Economics of Public Issues As a manager at a manufacturing industry I made a decision to purchase fuel in bulk in anticipation that the of resources through a model that assures efficiency and profitability. Works Cited Arce Daniel G. "Opportunity cost and the intelligence of economists: A comment." The Journal of Economic Education47.1 (2016): 23-25. [...]
In Chapter 1 of The Economics of Public Issues, you read about the consequences of increased Federal Drug Administration (FDA) testing requirements for new drugs. Every time a new drug is introduced, there is a chance that it should not have been. This is called a Type I error. When the availability of a drug that should be introduced is delayed, this is called a Type II error. Briefly describe a situation from your personal or professional life in which you had to confront a risk, and you committed either a Type I or a Type II error in your decision making. Then, analyze your decision in terms of opportunity cost, incentives, and efficiency.