Problem
A cancer researcher is testifying in front of a Senate committee and the researcher makes the following assertion: "We should spend $20 billion on cancer research-when it comes to research that has the potential to save lives we shouldn't be worried about costs." Prepare the sort of a response an economist would make to this assertion. In your answer explain why an economist, concerned about saving lives, would want to focus on cost and what the economist understands by the concept of cost. Explain in good detail.