The Oasis Chemical Company develops and manufactures pharmaceutical drugs for di

The Oasis Chemical Company develops and manufactures pharmaceutical drugs for distribution and sale in the United States. The pharmaceutical business can be very lucrative when useful and safe drugs are introduced into the market. Whenever the Oasis research lab considers putting a drug into production the company must establish the following sets of null and alternative hypotheses:Set 1Ho: The drug is safeHa: The drug is not safeSet 2Ho: The drug is effectiveHa: The drug is not effectivea. Discuss the considerations that should be made in establishing alpha and beta.b. For each set of hypotheses describe what circumstances would suggest that a Type I error would be of more concern. Carefully Explain.c. For each set of hypotheses describe what circumstances would suggest that a Type II error would be of more concern. Carefully Explain.