You are thinking about opening a restaurant and are searching for a good location. From research you have done, you know that the mean income of those living near the restaurant must be over $85,000 to support the type of upscale restaurant you wish to open. You decide to take a simple random sample of 50 people living near one potential location. Based on the mean income of this sample, you will perform a test of

H₀:μ = $85,000

H_a:μ > $85,000

where μ is the true mean income in the population of people who live near the restaurant. Describe a Type I error and a Type II error in this setting, and give a possible consequence of each.