Question: Consider a hypothesis that opening a new store will be profitable. There is a 3 0 % chance this hypothesis is correct. The expected cost

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 $210,000.
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 $490,000 and $210,000.
d. The Type I and Type II error costs are $350,000 and $150,000.
Consider a hypothesis that opening a new store

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