ECO 550 SU An Application from HR Hiring Discussion

I need help with a Economics question. All explanations and answers will be used to help me learn. What are Type 1 and Type 2 Errors: Here is some help. Type I and Type II Decision Error CostsThe HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants all seem to bring different levels of expertise. For each applicant, the HR manager gathers information by trying to verify various claims on resumes, but some doubt about fit always lingers when a decision to hire or not to hire is made.