$85,000awhereis the true mean income in the population of people who live near the restaurant.Which of the following is NOT true regarding Type I and Type II errors in this setting?All of these...

Extracted text: 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 Но : и — $85, 000 На : и> $85,000 a where is the true mean income in the population of people who live near the restaurant. Which of the following is NOT true regarding Type I and Type II errors in this setting? All of these statements are true. A possible consequence of a Type II error here is you may not open your restaurant in a location where the residents would have been able to support it and you lose potential income. O A possible consequence of a Type I error here is you may open your restaurant in a location where the residents will not be able to support it, so your restaurant may go out of business. A Type I error occurs when you find convincing evidence that the mean income of all residents near the restaurant exceeds $85,000 when in reality it does not.