There is a 30% chance that you are correct that your hypothesis that opening a new store will be profitable. The expected cost of opening a new store that would flop is $500,000 while the not opening the store when it would succeed has an expected cost of $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$210,000.

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 $150,000

Please show the work. I know the answer is D, I do not know why it is this answer or the calculation involved in getting this answer. Thank you!