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The null hypothesis is an overall explanation that expresses that there is no connection between two peculiarities viable or that there is no relationship between two gatherings. An alternative hypothesis is an explanation that depicts that there is a connection between two chosen factors in a study

Mean income is $\$85000$

calculating the null and alternative hypotheses,

$H_0:渭=\mathrm{\$}85,000$- for null hypothesis

$H_a:渭>\mathrm{\$}85,000$- for alternative hypothesis

hence mean income is equal to $\$85000$and greater than it as per the null and alternative hypotheses respectively.

Mean income is $\$85000$

Type I error- $H_0$is dismissed when the null hypothesis is valid

The mean income is equivalent to $\$85000$however the test indicates that the mean income is more.

Subsequently, the result is that the caf茅 will open in that location since the mean income is more than the required income, yet in reality, it is not a decent location for the eatery.

Type II error- when the null hypothesis is valid then rejection of $H_0$additionally failed.

The mean income is more than $\$85000$while the test indicates that the mean income is equivalent.

Consequently, the outcome is that the eatery will not open in that location since the mean income is more modest than the required income, yet in reality, it is a decent location for the caf茅.

To open a restaurant requires a huge investment. Consequently, there is a possibility of making incorrect decisions which can cost a huge amount of cash.

Consequently, a more modest significance level $伪=0.01$will be smarter to minimize the probability of making some incorrect decision.