Question: Consider a hypothesis that opening a new store will be profitable. There is a 30% chance this hypothesis is correct. The expected cost of opening

Consider a hypothesis that opening a new store will be profitable. There is a 30% chance this hypothesis is correct. The expected cost of opening a new store that will not be profitable is $500,000, and the expected cost of not opening a new store that would be profitable is $700,000. a. The Type I and Type II error costs are $350,000 and $150,000. b. The Type I and Type II error costs are $490,000 and $150,000. c. The Type I and Type II error costs are $350,000 and $210,000. d. The Type I and Type II error costs are $490,000 and $210,000

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